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

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. .