Variable

state-owned

enterprise

lev

non-state-owned enterprises

lev

large enterprise

lev

medium sized enterprises

lev

L.lev

0.7961***

(0.0202)

0.8093***

(0.0125)

0.8266***

(0.0176)

0.8033***

(0.0202)

finstr

−0.0054***

(0.0017)

−0.0052**

(0.0022)

−0.0063***

(0.0013)

−0.0020

(0.0028)

Enterprise characteristic control variables

YES

YES

YES

YES

Macroeconomic control variables

YES

YES

YES

YES

Firm-fixed effect

YES

YES

YES

YES

Time-fixed effect

YES

YES

YES

YES

observed values

14101

22074

18085

18090

AR (1)

0.007

0.004

0.006

0.003

AR (2)

0.257

0.646

0.723

0.286

Hansen Test

11.01

11.31

12.08

12.11