Table 5.

Heterogeneity analysis results I.

Variable	(1)	(2)	(3)	(4)
	SOEs	Non-SOEs	HPFs	Non-HPFs
	lnPatent	lnPatent	lnPatent	lnPatent
Treat × Policy	0.129∗∗∗	0.081	0.131∗∗	0.058
	(0.049)	(0.049)	(0.063)	(0.045)
Size	0.403∗∗∗	0.458∗∗∗	0.468∗∗∗	−0.151∗∗∗
	(0.031)	(0.033)	(0.036)	(0.046)
Capital	−0.020∗	−0.012	−0.030∗∗	−0.096∗∗
	(0.010)	(0.009)	(0.012)	(0.049)
Big	−0.005∗∗∗	−0.005∗∗∗	−0.001	−0.002
	(0.002)	(0.002)	(0.002)	(0.001)
Debt	−0.161	−0.043	−0.254	−0.158
	(0.130)	(0.123)	(0.161)	(0.134)
Tobin's Q	0.026∗	0.090∗∗∗	0.090∗∗∗	0.129∗∗∗
	(0.016)	(0.016)	(0.020)	(0.018)
Cash	−0.038∗	0.002	0.000	0.000
	(0.021)	(0.014)	(0.018)	(0.017)
ROA	−0.324	0.199	−0.201	0.002
	(0.278)	(0.270)	(0.345)	(0.305)
Constant	−8.044∗∗∗	−8.783∗∗∗	−10.139∗∗∗	−11.878∗∗∗
	(0.695)	(0.764)	(0.776)	(0.687)
Year	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
N	7225	9322	6286	11518
R 2	0.123	0.284	0.265	0.392

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