| Variables | Industrial enterprises | Non-industrial enterprises | ||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| XXZSGX | 0.0004*** |
|
| −0.0004 |
|
|
|
| (0.0001) |
|
| (0.0003) |
|
|
| Close |
| 0.0004*** |
|
| −0.0003 |
|
|
|
| (0.0001) |
|
| (0.0003) |
|
| Unsullied |
|
| 0.0003*** |
|
| −0.0006 |
|
|
|
| (0.0001) |
|
| (0.0004) |
| Asset | 0.0012 | 0.0013 | 0.0011 | 0.0145*** | 0.0144*** | 0.0146*** |
|
| (0.0022) | (0.0022) | (0.0022) | (0.0047) | (0.0047) | (0.0047) |
| Lev | −0.2153*** | −0.2164*** | −0.2151*** | −0.2028*** | −0.2026*** | −0.2031*** |
|
| (0.0170) | (0.0170) | (0.0170) | (0.0335) | (0.0335) | (0.0335) |
| Roa | −0.3466*** | −0.3469*** | −0.3455*** | −0.3493*** | −0.3504*** | −0.3493*** |
|
| (0.0441) | (0.0441) | (0.0441) | (0.0892) | (0.0891) | (0.0894) |
| CF | 0.0521 | 0.0512 | 0.0492 | 0.0104 | 0.0097 | 0.0150 |
|
| (0.0395) | (0.0395) | (0.0395) | (0.0801) | (0.0801) | (0.0805) |
| Growth | 0.1453*** | 0.1454*** | 0.1458*** | 0.1313*** | 0.1313*** | 0.1313*** |
|
| (0.0124) | (0.0124) | (0.0125) | (0.0228) | (0.0227) | (0.0228) |
| Dual | 0.0222*** | 0.0222*** | 0.0235*** | 0.0062 | 0.0061 | 0.0063 |
|
| (0.0052) | (0.0052) | (0.0052) | (0.0126) | (0.0126) | (0.0126) |
| First | −0.0005*** | −0.0005*** | −0.0005*** | −0.0007* | −0.0007* | −0.0007* |
|
| (0.0001) | (0.0001) | (0.0001) | (0.0004) | (0.0004) | (0.0004) |
| Indep | 0.1109*** | 0.1109*** | 0.1175** | −0.0030 | −0.0043 | −0.0038 |
|
| (0.0410) | (0.0410) | (0.0410) | (0.0954) | (0.0953) | (0.0952) |
| _cons | 0.1650*** | 0.1685*** | 0.1472*** | −0.0094 | −0.0127 | −0.0046 |
|
| (0.0491) | (0.0490) | (0.0500) | (0.1019) | (0.1016) | (0.1044) |
| Year | Control | Control | Control | Control | Control | Control |
| Ind | Control | Control | Control | Control | Control | Control |
| N | 7438 | 7438 | 7348 | 1959 | 1959 | 1959 |
| Log lik. | 1536.0358 | 1535.6013 | 1530.1727 | −8.2937 | −8.5369 | −8.2168 |
| Prob > F | 0 | 0 | 0 | 0 | 0 | 0 |