RD

Invention

SOE

non-SOE

SOE

non-SOE

Cons

−0.453

(−0.97)

0.474

(0.60)

−7.055***

(−10.22)

−4.933***

(−10.43)

Relationship

0.041

(0.46)

0.381***

(3.13)

−0.003

(−0.03)

0.073**

(2.12)

Size

0.048*

(1.70)

−0.037

(−0.99)

0.355***

(11.54)

0.237***

(10.99)

Lev

−1.051***

(−6.89)

−0.005

(−1.61)

−0.506***

(−2.59)

0.057

(0.49)

Roa

−0.005

(−0.79)

−0.006*

(−1.66)

−0.003

(−0.47)

−0.001

(−0.28)

Mb

−1.180***

(−5.27)

−2.095***

(−9.38)

−0.546***

(−3.10)

−0.139

(−1.37)

Cash

0.455

(1.37)

3.790***

(11.64)

−0.271

(−0.91)

−0.095

(−0.78)

Industry Fixed Effect

Yes

Yes

Yes

Yes

Year Fixed Effect

Yes

Yes

Yes

Yes

F

89.16

123.41

9.19

9.85

P > F

0.0000

0.0000

0.0000

0.0000

R²

0.243

0.325

0.190

0.109

Obs

12,147

16,714

2283

4898