Table 5 Changes in non-SOE innovation N...

Table 5

Changes in non-SOE innovation

		N	Mean test		Median test
		N	Mean	T-test	Median	Z-test
ΔLnpatent	Reform = 1	280	0.8224	6.51***	0.69	6.187***
ΔLnpatent	Reform = 0	374	0.3626	6.51***	0.26	6.187***

	N	Mean test	Median test
ΔLnpatent	Reform = 1	280	0.8224	6.51***	0.69	6.187***
Reform = 0	374	0.3626	0.26

Note(s): Reform = 1 indicates that private acquirer firms purchase state ownership under the Reform. Reform = 0 indicates that private acquirer firms purchase privately owned equity during the sample period

Source(s): Table by authors

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