|
| (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 |