Nature of property rights

Growth

Quantitative monetary policy transmission

Price based monetary policy transmission

Quantitative monetary policy transmission

Price based monetary policy transmission

(1) State owned enterprises

(2) Private enterprises

(3) State owned enterprises

(4) Private enterprises

(5) High growth enterprise

(6) Low growth enterprises

(7) High growth enterprise

(8) Low growth enterprise

MP(−1)

−6.133**

(−2.07)

−12.022***

(−5.81)

0.012*

(1.65)

0.022***

(3.85)

−13.432*

(−1.72)

−0.786***

(−5.16)

0.024***

(2.67)

0.005**

(2.09)

DLL

0.390***

(3.54)

0.629***

(6.77)

−0.008***

(−2.83)

−0.011***

(−3.16)

0.756**

(2.30)

0.142**

(2.23)

−0.017*

(−1.69)

−0.005**

(−2.11)

MP(−1)*DLL

−1.830***

(−2.60)

−2.917***

(−5.58)

0.003

(1.61)

0.008**

(2.45)

−3.395**

(−1.99)

−0.555*

(−1.78)

0.006**

(2.28)

0.001**

(2.48)

Constant term

0.764

(1.50)

1.815***

(3.08)

−0.013***

(−0.26)

−0.052**

(−2.24)

0.516

(0.29)

−0.637

(−0.32)

0.010

(0.24)

−0.096**

(−2.01)

Variable of control

control

control

control

control

control

control

control

control

Year fixed effect

control

control

control

control

control

control

control

control

Industry fixed effects

control

control

control

control

control

control

control

control

Adjusted R²

0.101

0.018

0.310

0.398

0.120

0.049

0.247

0.305

Total number of panel observations

924

3146

924

3146

1017

1086

1017

1086