Investment Expenditure

Provincial officials change

Exclusion of municipality

invest2

invest2

invest1

invest1

invest1

invest1

shuji

0.00691**

0.00927**

0.00559*

(0.00306)

(0.00438)

(0.00361)

shizhang

−0.000616

−0.00103

−0.00160

(0.00273)

(0.00338)

(0.00337)

cash

0.0925***

0.0930***

0.0896***

0.0898***

0.0536*

0.0538*

(0.0280)

(0.0280)

(0.0292)

(0.0291)

(0.0313)

(0.0313)

assetdebt

0.199***

0.198***

0.0932**

0.0917**

0.0861

0.0859

(0.0290)

(0.0289)

(0.0454)

(0.0454)

(0.0570)

(0.0570)

growth

−0.203***

−0.202***

−0.0988**

−0.0975**

−0.0796

−0.0796

(0.0261)

(0.0260)

(0.0417)

(0.0417)

(0.0526)

(0.0526)

roa

0.00108***

0.00107***

0.00130***

0.00130***

0.00141***

0.00140***

(0.00017)

(0.00017)

(0.00019)

(0.00019)

(0.00021)

(0.00021)

occupy

−0.409***

−0.411***

−0.344***

−0.347***

−0.381***

−0.382***

(0.0791)

(0.0791)

(0.0862)

(0.0862)

(0.0949)

(0.0948)

managefee

−0.379***

−0.379***

−0.429***

−0.430***

−0.446***

−0.445***

(0.0883)

(0.0882)

(0.0907)

(0.0908)

(0.107)

(0.107)

gdp

0.0707*

0.0698*

0.0815*

0.0890**

0.0471

0.0425

(0.0402)

(0.0403)

(0.0423)

(0.0421)

(0.0441)

(0.0441)

_cons

0.121***

0.130***

0.130***

0.134***

0.130***

0.139***

(0.0137)

(0.0136)

(0.0146)

(0.0148)

(0.0172)

(0.0174)

year

control

control

control

control

control

control

ind

control

control

control

control

control

control

adj. R²

0.094

0.094

0.071

0.071

0.069

0.068

N

5175

5175

5175

5175

4039

4039