(1)

(2)

(3)

(4)

(5)

(6)

Patent

Invent

Cite

Patent

Invent

Cite

Differ

0.043

0.193^***

0.269^***

0.132^**

0.219^***

0.197^***

(0.770)

(3.606)

(3.706)

(2.299)

(4.004)

(2.791)

Board_size

−0.020^**

0.011

−0.073^***

−0.012

0.020^**

−0.010

(−2.093)

(1.207)

(−5.931)

(−1.237)

(2.136)

(−0.858)

Idpt

0.087

0.460^*

−0.831^**

0.322

0.674^**

−0.266

(0.302)

(1.667)

(−2.216)

(1.123)

(2.463)

(−0.751)

Size

0.287^***

0.274^***

0.551^***

0.318^***

0.317^***

0.518^***

(20.171)

(20.137)

(29.857)

(21.129)

(22.028)

(27.902)

Lev

0.019

−0.188^**

−0.783^***

0.000

−0.172^*

−0.061

(0.206)

(−2.085)

(−6.387)

(0.004)

(−1.856)

(−0.506)

ROA

0.726

2.048^***

−1.146

0.132

1.308^**

−2.205^**

(1.033)

(3.056)

(−1.260)

(0.189)

(1.964)

(−2.561)

ROE

0.661^*

−0.073

−0.020

1.121^***

0.412

1.321^***

(1.817)

(−0.211)

(−0.043)

(3.090)

(1.189)

(2.949)

Growth

−0.134^***

−0.068^*

−0.071

−0.105^**

−0.070^*

−0.239^***

(−3.151)

(−1.677)

(−1.293)

(−2.444)

(−1.694)

(−4.493)

Dual

0.061^**

0.073^**

0.008

0.055^*

0.063^**

−0.053

(1.966)

(2.477)

(0.189)

(1.792)

(2.164)

(−1.406)

FirmAge

−0.142^***

−0.107^***

0.870^***

−0.148^***

−0.127^***

0.316^***

(−3.693)

(−2.918)

(17.410)

(−3.560)

(−3.180)

(6.138)

常数项

−3.356^***

−4.338^***

−10.167^***

−4.931^***

−5.819^***

−10.296^***

(−10.823)

(−14.659)

(−25.303)

(−13.711)

(−16.944)

(−23.193)

Ind

未控制

未控制

未控制

控制

控制

控制

Year

未控制

未控制

未控制

控制

控制

控制

N

7986

7986

7986

7986

7986

7986

AdjustedR²

0.075

0.074

0.167

0.099

0.097

0.265