The Signal Effect of New Energy Vehicles Promotion on Enterprise Innovation

Table 3

The test of the effect of promotion subsidy policy.

Variables	Rad		Inc		Ext
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
Treat ^∗ Post	0.010519; (4.63)	0.011056; (4.49)	0.012537; (4.24)	0.012348; (3.88)	0.372542; (2.27)	0.483211; (2.68)
Age		0.003807; (1.19)		0.001348; (0.33)		−0.356128; (−1.51)
Size		0.000187; (0.68)		−0.000172; (−0.49)		0.033943; (1.69)
Sub		0.001136; (1.64)		0.000921; (1.03)		−0.002802; (−0.06)
Lev		0.000311; (0.10)		0.002428; (0.59)		0.105016; (0.45)
Sta		0.002611; (3.50)		0.004092; (4.25)		0.005842; (0.11)
N	334	334	334	334	334	334
R-squared	0.0605	0.1048	0.0513	0.1098	0.0153	0.0313

Note: , , and represent significance at 10%, 5%, and 1% level, respectively.