(1)

(2)

(3)

(4)

(5)

(6)

Patent

Invent

Cite

Patent

Invent

Cite

SOE = 1

SOE = 0

Differ

0.138

0.129

0.102

0.143^**

0.297^***

0.301^***

(1.303)

(1.287)

(0.809)

(2.088)

(4.526)

(3.548)

Board_size

−0.035^**

−0.005

−0.024

0.013

0.039^***

−0.004

(−2.425)

(−0.341)

(−1.421)

(0.929)

(2.932)

(−0.211)

Idpt

−0.499

−0.063

−0.137

0.986^***

1.148^***

0.211

(−1.008)

(−0.134)

(−0.233)

(2.648)

(3.210)

(0.455)

Size

0.374^***

0.368^***

0.378^***

0.263^***

0.253^***

0.605^***

(15.539)

(16.132)

(13.172)

(12.541)

(12.547)

(23.184)

Lev

−0.085

−0.464^***

−0.618^***

0.005

−0.091

−0.009

(−0.504)

(−2.888)

(−3.049)

(0.038)

(−0.740)

(−0.059)

ROA

0.514

0.242

−1.513

−0.552

1.145

−1.933

(0.438)

(0.218)

(−1.079)

(−0.544)

(1.175)

(−1.531)

ROE

1.060^**

0.605

1.057^*

1.381^**

0.746

1.213

(2.024)

(1.219)

(1.689)

(2.307)

(1.298)

(1.629)

Growth

−0.105

−0.025

−0.087

−0.074

−0.053

−0.251^***

(−1.256)

(−0.323)

(−0.871)

(−1.478)

(−1.113)

(−4.055)

Dual

0.038

0.122

0.198^**

0.073^**

0.083^***

−0.009

(0.486)

(1.644)

(2.114)

(2.225)

(2.626)

(−0.219)

FirmAge

−0.299^***

−0.363^***

0.442^***

−0.120^***

−0.097^**

0.145^**

(−3.157)

(−4.042)

(3.906)

(−2.588)

(−2.161)

(2.512)

常数项

−5.900^***

−6.148^***

−8.046^***

−4.079^***

−4.830^***

−11.962^***

(−9.485)

(−10.431)

(−10.831)

(−7.939)

(−9.781)

(−18.707)

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

2815

2815

2815

5171

5171

5171

AdjustedR²

0.144

0.138

0.274

0.065

0.062

0.264