《Table 4:Innovation Efficiency Differences between Reformed SOEs and Firms of Other Ownership Types》

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《An Empirical Research on Mixed-Ownership Reform and SOE Innovation: Evidence from China's Industrial Enterprises》

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Notes:Values in parentheses are t statistics；***，**and*respectively denote significance at 1%，5%and 10%.

First，we employ the PSM method of kernel matching to compare innovation efficiency of reformed SOEs and foreign-funded firms.Following a consistent approach as mentioned before，we define reformed SOEs as treatment group and foreign-funded firms with similar characteristics as control group.Then，the two groups are matched based on matching variables to compare their innovation efficiency.Finally，difference in the innovation efficiency between the reformed SOEs and foreign-funded firms is tested according to“Average Treatment Effects on the Treated（ATT）of treatment-group firms”.Here，we select three years from 2005 to 2007 for analysis，with empirical results shown in Column（1）of Table 4.As can be seen from the analysis of 2005，2006 and 2007，the reformed SOEs became more efficient at innovation than the foreign-funded firms by 0.04-0.05，and the ATT coefficients for the three years pass significance test at 1%，5%and 10%levels respectively.