(1)

(2)

(3)

(4)

(5)

(6)

Patent

Invent

Cite

Patent

Invent

Cite

PC = 1

PC = 0

Differ

−0.243^**

−0.230^**

−0.325^**

0.251^***

0.366^***

0.350^***

(−2.356)

(−2.359)

(−2.498)

(3.621)

(5.506)

(4.138)

Board_size

−0.018

0.009

0.000

−0.008

0.027^**

−0.010

(−1.114)

(0.569)

(0.011)

(−0.648)

(2.332)

(−0.654)

Idpt

0.275

0.572

0.753

0.367

0.779^**

−0.742^*

(0.589)

(1.297)

(1.278)

(1.013)

(2.244)

(−1.682)

Size

0.242^***

0.238^***

0.472^***

0.345^***

0.345^***

0.534^***

(9.243)

(9.626)

(14.317)

(18.680)

(19.471)

(23.670)

Lev

−0.025

0.024

0.277

−0.018

−0.264^**

−0.233

(−0.144)

(0.143)

(1.246)

(−0.153)

(−2.345)

(−1.628)

ROA

−0.233

2.466^**

−0.451

0.385

1.207

−2.762^***

(−0.176)

(1.971)

(−0.270)

(0.464)

(1.516)

(−2.727)

ROE

1.223^*

−0.406

0.625

1.072^**

0.590

1.528^***

(1.685)

(−0.592)

(0.683)

(2.537)

(1.456)

(2.963)

Growth

0.006

0.061

−0.220^**

−0.149^***

−0.132^**

−0.232^***

(0.082)

(0.926)

(−2.495)

(−2.732)

(−2.537)

(−3.500)

Dual

0.139^***

0.169^***

0.017

0.002

0.000

−0.083^*

(2.745)

(3.526)

(0.264)

(0.060)

(0.007)

(−1.784)

FirmAge

−0.061

−0.015

0.168^**

−0.221^***

−0.211^***

0.372^***

(−0.929)

(−0.244)

(2.040)

(−4.083)

(−4.068)

(5.643)

常数项

−3.177^***

−4.045^***

−9.394^***

−5.390^***

−6.382^***

−10.428^***

(−5.261)

(−7.096)

(−12.339)

(−11.791)

(−14.558)

(−18.705)

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

2680

2680

2680

5306

5306

5306

AdjustedR²

0.070

0.064

0.213

0.119

0.118

0.285