(1)

(2)

(3)

(4)

(5)

(6)

Patent

Invent

Cite

Patent

Invent

Cite

Differ

5.414*

6.512***

9.242***

7.920***

7.067***

8.315***

(1.876)

(2.605)

(4.250)

(3.148)

(3.102)

(4.157)

Board_size

−0.176

0.589

−5.793*

−0.383

0.510

−1.735

(−0.266)

(1.404)

(−1.852)

(−0.568)

(1.194)

(−0.546)

Idpt

0.068

0.556*

−0.475

0.320

0.798***

−0.040

(0.212)

(1.792)

(−1.121)

(1.013)

(2.597)

(−0.100)

Size

0.317***

0.308***

0.527***

0.343***

0.350***

0.490***

(20.185)

(20.111)

(25.193)

(20.667)

(21.734)

(23.306)

Lev

−0.097

−0.304***

−0.636***

−0.084

−0.270***

0.081

(−0.926)

(−2.989)

(−4.580)

(−0.786)

(−2.590)

(0.595)

ROA

0.070

1.786**

−0.478

−0.587

0.925

−1.456

(0.090)

(2.373)

(−0.465)

(−0.763)

(1.237)

(−1.494)

ROE

0.973**

0.011

−0.216

1.468***

0.555

1.130**

(2.438)

(0.028)

(−0.408)

(3.675)

(1.431)

(2.234)

Growth

−0.104**

−0.015

−0.035

−0.084*

−0.023

−0.159**

(−2.084)

(−0.308)

(−0.527)

(−1.668)

(−0.470)

(−2.491)

Dual

0.055

0.071**

0.006

0.047

0.065**

−0.034

(1.622)

(2.150)

(0.139)

(1.398)

(2.001)

(−0.794)

FirmAge

−0.072*

−0.069*

0.853***

−0.102**

−0.114***

0.334***

(−1.714)

(−1.705)

(15.342)

(−2.304)

(−2.638)

(5.931)

常数项

−3.985***

−5.111***

−9.907***

−5.366***

−6.525***

−9.805***

(−11.653)

(−15.350)

(−21.785)

(−13.466)

(−16.855)

(−19.432)

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

0.090

0.089

0.162

0.112

0.114

0.258