(1)

(2)

(3)

(4)

(5)

COEFFICIENT

Price = Commercial

Price = Residence

Price = Others

Price = Operating

Price = Office

Variable

Inno

Price

−0.00404**

(−2.30)

−0.00400**

(−2.31)

−0.00119**

(−2.49)

−0.00129

(−1.64)

0.000893

(1.12)

Size

−0.000134

(−0.27)

−0.000128

(−0.26)

−0.000151

(−0.30)

−0.000147

(−0.29)

−0.000148

(−0.29)

Age

0.00702**

(2.24)

0.00704**

(2.24)

0.00748**

(2.38)

0.00677**

(2.15)

0.00702**

(2.24)

Subsidy

0.00539***

(3.26)

0.00536***

(3.24)

0.00552***

(3.34)

0.00536***

(3.25)

0.00545***

(3.28)

Growth

−0.000295

(−1.35)

−0.000287

(−1.31)

−0.000278

(−1.27)

−0.000293

(−1.34)

−0.000287

(−1.31)

Lev

−0.00176

(−1.16)

−0.00173

(−1.14)

−0.00177

(−1.17)

−0.00178

(−1.17)

−0.00175

(−1.14)

ROA

0.000574

(0.17)

0.000565

(0.17)

0.000467

(0.14)

0.000572

(0.17)

0.000511

(0.15)

Constant

0.0106

(0.58)

0.00996

(0.56)

−0.0157

(−1.31)

−0.0120

(−0.85)

−0.0326**

(−2.39)

Year

Controlled

Industry

Controlled

Observations

4819

4819

4816

4819

4819

R-squared

0.06

0.06

0.06

0.06

0.06