| Variable | (1) | (2) | (3) |
| Subsidy | 1.272*** (4.09) | 1.232*** (3.97) | 1.134*** (3.68) |
| Size |
| −0.0298 (−0.78) | −0.0401 (−1.05) |
| Cost |
| −3.187*** (−4.63) | −2.846*** (−4.15) |
| Opportunity |
| −0.0957*** (−3.40) | −0.0910*** (−3.24) |
| Ocf |
| 0.863* (1.90) | 0.870* (1.92) |
| Cash |
| −0.992*** (−3.32) | −1.002*** (−3.37) |
| Growth |
| −0.0421 (−0.61) | −0.0408 (−0.60) |
| Independent |
| −1.462** (−2.57) | −1.433** (−2.53) |
| Law |
|
| 0.00309 (1.00) |
| Invest |
|
| 0.192*** (3.53) |
| Area |
|
| −0.191*** (−3.95) |
| Constant | −0.961*** (−4.12) | 0.481 (0.53) | −0.168 (−0.18) |
| Industry FEs | Yes | Yes | Yes |
| Year FEs | Yes | Yes | Yes |
| N | 2917 | 2917 | 2917 |
| Pseudo. R2 | 0.0225 | 0.0509 | 0.0583 |