| RD | Patents | Invention | Utilitymodel | Design |
Cons | 1.954*** (4.32) | −11.616*** (−32.11) | −6.326*** (−15.47) | 3.378*** (7.31) | 0.531* (1.86) |
Relationship | 0.410*** (4.56) | −0.052 (−1.00) | 0.186*** (3.18) | −0.047 (−0.72) | 0.043 (1.04) |
Size | −0.108*** (−4.72) | 0.629*** (37.16) | 0.320*** (16.71) | −0.179*** (−8.27) | −0.016 (−1.21) |
Lev | −0.006 (−1.59) | −0.070 (−0.71) | −0.027 (−0.24) | 0.116 (0.92) | −0.093 (−1.19) |
Roa | −0.003 (−1.38) | 0.004*** (3.13) | −0.001 (−0.55) | 0.001 (0.62) | 0.001 (1.14) |
Mb | −1.558*** (−9.53) | −0.702*** (−7.82) | −0.374*** (−3.69) | 0.271** (2.36) | 0.038 (0.53) |
Cash | 2.989*** (12.09) | 0.044 (0.38) | 0.138 (1.07) | −0.303** (−2.07) | 0.101 (1.12) |
Industry Fixed Effect | Yes | Yes | Yes | Yes | Yes |
Year Fixed Effect | Yes | Yes | Yes | Yes | Yes |
F | 217.13 | 55.28 | 13.79 | 11.87 | 6.41 |
P > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
R2 | 0.323 | 0.3763 | 0.131 | 0.115 | 0.065 |
Obs | 28,861 | 5558 | 5558 | 5558 | 5558 |