LnLOAN

LTD

LA

Full sample

Non-state-owned

Full sample

Non-state-owned

Full sample

Non-state-owned

L1.

0.6639***

0.6449***

0.7257***

0.7417***

0.7393***

0.6930***

(0.0398)

(0.0384)

(0.0492)

(0.0467)

(0.0378)

(0.0396)

CAR

−0.0051

−0.0057

−0.2951

−0.2346

−0.8270***

−0.8614***

(0.0036)

(0.0052)

(0.2063)

(0.2935)

(0.1633)

(0.1745)

SIZE

0.3302***

0.3332***

0.8127

0.0632

−0.7253

−2.2232***

(0.0402)

(0.0291)

(0.6109)

(1.1086)

(0.4877)

(0.6445)

ROA

0.0648***

0.0497*

1.4527

0.4147

2.0994

0.5526

(0.0236)

(0.0269)

(1.6982)

(1.5495)

(1.3791)

(1.2972)

LR

−0.0010*

−0.0012**

−0.0512

−0.0537*

−0.0859***

−0.0860***

(0.0005)

(0.0006)

(0.0342)

(0.0322)

(0.0254)

(0.0288)

CTI

0.0074***

0.0065***

0.2030**

0.1572

0.1010

0.0402

(0.0012)

(0.0012)

(0.1011)

(0.1076)

(0.0855)

(0.0804)

NIRR

−0.0011**

−0.0013***

−0.0686**

−0.0834***

−0.1034***

−0.1168***

(0.0005)

(0.0004)

(0.0271)

(0.0258)

(0.0205)

(0.0198)

EA

1.5539***

1.5390*

104.9440***

92.0666**

121.9256***

116.9500***

(0.5917)

(0.8514)

(32.5081)

(44.5923)

(29.4358)

(30.3013)

LnEPU2

−0.0163**

−0.0170

−2.6818***

−2.7305**

−1.3124**

−1.3615**

(0.0081)

(0.0141)

(0.7302)

(1.0877)

(0.5695)

(0.5381)

GGDP

−0.0305***

−0.0342***

−3.1958***

−3.3901***

−3.1851***

−3.1476***

(0.0096)

(0.0105)

(0.8410)

(0.8171)

(0.6986)

(0.6797)

CPI

0.0155***

0.0166***

1.4321***

1.5019***

1.3948***

1.2533***

(0.0059)

(0.0058)

(0.4517)

(0.4914)

(0.3631)

(0.3778)

M2

0.0152***

0.0155***

0.7285***

0.7020***

0.8544***

0.7623***

(0.0029)

(0.0032)

(0.2027)

(0.2313)

(0.1649)

(0.1766)

_cons

−0.2729

0.0559

20.1476

36.6787*

41.6753***

74.1097***

(0.1772)

(0.2695)

(12.6030)

(20.3434)

(12.0500)

(14.8256)

AR(2)

0.3017

0.3270

0.0394

0.0521

0.3238

0.3385

Sargan

0.4526

0.5708

0.3892

0.5379

0.4164

0.5882