(1) State-owned enterprise

(2) Private Enterprise

(3) High-tech Companies

(4) Non-high-tech companies

Inform

0.035*** (34.93)

0.236*** (49.14)

0.342*** (51.71)

0.031*** (8.27)

RD

16.170*** (131.87)

9.167*** (80.59)

6.473*** (55.65)

9.913*** (71.57)

Tobin

−0.091*** (−23.73)

0.021*** (7.14)

−0.015*** (−4.39)

−0.106*** (−33.35)

Cash

−0.169*** (−5.70)

0.624*** (21.76)

−1.469*** (−40.80

0.144*** (5.53)

Lev

−1.173*** (−65.64)

1.251*** (52.67)

−0.376*** (−14.37)

−0.654*** (−38.02)

Capital

2.693*** (54.98)

−1.586*** (−24.30)

0.206*** (3.46)

1.701*** (33.76)

Size

0.961*** (301.56)

0.915*** (257.77)

1.239*** (302.17)

0.796*** (269.62)

ROE

1.376*** (39.38)

1.949*** (52.41)

0.006 (0.13)

2.849*** (89.10)

Age

0.066*** (92.75)

−0.025*** (−34.42)

−0.016*** (−15.50)

0.029*** (48.44)

Natural

−0.105*** (−12.33)

−0.264*** (−42.45)

Inst

0.915*** (59.89)

0.841*** (54.37)

1.481*** (68.80)

0.947*** (71.78)

Industry effect

Control

Control

Control

Control

Annual effect

Control

Control

Control

Control

N

3746

5040

1654

7132

Voung

11.953

15.521

5.959

19.228

p

0.000

0.000

0.000

0.000