Firm

2005

2006

2007

2008

2009

2010

2011

2012

2013

Dom.

0.41

0.40

0.43

0.41

0.44

0.33

0.29

0.33

0.33

Wholly foreign-owned

0.40

0.38

0.42

0.38

0.40

0.34

0.32

0.33

0.34

SOE with FDI

0.49

0.49

0.55

0.52

0.54

0.43

0.42

0.45

0.42

PTE with FDI

0.42

0.40

0.43

0.43

0.45

0.37

0.34

0.33

0.35

Domestic vs. wholly foreign-owned

Mean deff.

−0.01

−0.02

−0.02

−0.03

−0.04

0.01

0.03

0.00

0.01

Z−Statistic

4.35^***

9.10^***

0.32

4.54^***

N

20,034

23,533

19,732

29,177

36,175

41,963

44,747

51,924

55,773

Domestic vs. SOE with FDI

Mean deff.

0.08

0.09

0.11

0.11

0.10

0.11

0.13

0.12

0.09

Z-Stat.

7.42^***

7.94^***

10.09^***

8.78^***

7.32^***

7.85^***

9.46^***

8.32^***

6.39^***

N

18,405

21,561

17,534

26,503

33,075

38,491

41,083

47,707

51,466

Domestic vs. PTE with FDI

Mean deff.

0.01

0.00

−0.01

0.02

0.00

0.04

0.05

0.01

0.03

Z-Stat.

0.74

0.01

1.82^*

0.12

3.80^***

4.84^***

0.50

2.62^***

N

18,327

21,526

17,532

26,531

33,138

38,581

41,213

47,886

51,658