Green Finance and Corporate Green Innovation: Based on China’s Green Finance Reform and Innovation Pilot Policy

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

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