Table 3.

Robustness test.

Variable	(1)	(2)	(3)	(4)	(5)	(6)
	PSM-DID	Gpatent1	Gpatent2	t = 2014	t = 2015	t = 2016
				lnPatent	lnPatent	lnPatent
Treat × Policyt	0.076∗∗	0.087∗∗	0.043∗	0.040	0.024	0.033
	(0.037)	(0.036)	(0.026)	(0.033)	(0.033)	(0.034)
Size	0.535∗∗∗	0.349∗∗∗	0.176∗∗∗	0.311∗∗∗	0.311∗∗∗	0.311∗∗∗
	(0.024)	(0.029)	(0.020)	(0.029)	(0.029)	(0.029)
Capital	−0.029∗∗∗	−0.011∗	−0.006	−0.010	−0.010	−0.010
	(0.007)	(0.007)	(0.004)	(0.007)	(0.007)	(0.007)
Big	−0.002	−0.003∗	−0.001	−0.002	−0.002	−0.002
	(0.001)	(0.002)	(0.001)	(0.002)	(0.002)	(0.002)
Debt	−0.191∗	−0.060	0.065	−0.123	−0.122	−0.123
	(0.104)	(0.096)	(0.066)	(0.096)	(0.096)	(0.096)
Tobin's Q	0.113∗∗∗	0.178∗∗∗	0.113∗∗∗	0.026∗∗∗	0.026∗∗∗	0.026∗∗∗
	(0.013)	(0.059)	(0.036)	(0.009)	(0.009)	(0.009)
Cash	0.001	−0.005	0.005	0.001	0.001	0.001
	(0.013)	(0.011)	(0.008)	(0.010)	(0.010)	(0.010)
ROA	−0.089	1.756	0.021	−0.166	−0.166	−0.164
	(0.234)	(1.196)	(0.809)	(0.173)	(0.173)	(0.173)
Constant	−11.143∗∗∗	−6.752∗∗∗	−3.442∗∗∗	−6.100∗∗∗	−6.102∗∗∗	−6.099∗∗∗
	(0.549)	(0.640)	(0.435)	(0.646)	(0.647)	(0.647)
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	17797	18287	18287	17889	17889	17889
R 2	0.361	0.129	0.117	0.105	0.105	0.105

Note. ^∗p < 0.1;^∗∗p < 0.05;^∗∗∗p < 0.01.