Table 6.

Heterogeneity analysis results II.

Variable	(1)	(2)	(3)	(4)
	Small-scale firms	Large-scale firms	Market < p50	Market > p50
	lnPatent	lnPatent	lnPatent	lnPatent
Treat × Policy	0.057	0.101∗∗	0.107	0.140∗∗∗
	(0.056)	(0.046)	(0.095)	(0.033)
Size	0.418∗∗∗	0.381∗∗∗	0.472∗∗∗	0.413∗∗∗
	(0.034)	(0.036)	(0.053)	(0.026)
Capital	−0.002	−0.011	−0.016	−0.007
	(0.012)	(0.008)	(0.014)	(0.008)
Big	−0.008∗∗∗	−0.001	−0.006∗	−0.005∗∗∗
	(0.002)	(0.002)	(0.003)	(0.002)
Debt	−0.268	−0.255∗∗	−0.394∗∗	−0.266∗∗
	(0.176)	(0.113)	(0.190)	(0.112)
Tobin's Q	0.053∗∗∗	0.014∗	0.015	0.026∗∗∗
	(0.020)	(0.008)	(0.016)	(0.008)
Cash	−0.002	−0.024∗∗	−0.053∗∗	−0.009
	(0.024)	(0.011)	(0.022)	(0.011)
ROA	0.048	−0.595∗∗∗	−0.610∗	−0.308
	(0.338)	(0.196)	(0.356)	(0.194)
Constant	−8.204∗∗∗	−7.205∗∗∗	−9.362∗∗∗	−8.088∗∗∗
	(0.801)	(0.765)	(1.202)	(0.604)
Year	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
N	8768	8632	4041	13763
R 2	0.107	0.065	0.090	0.085

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