(1) Non-state-owned enterprises

(2) State-owned enterprises

VARIABLE

Inno

Inno

Commercial

−0.00242

−0.00477*

(−0.90)

(−1.85)

Residence

−0.00159

−0.00560**

(−0.63)

(−2.08)

Others

−0.00122

−0.00115*

(−1.61)

(−1.88)

Operating

0.000233

−0.00232**

(0.21)

(−2.01)

Office

0.00181

−8.72e−05

(1.39)

(−0.08)

Size

−0.000386

−0.000389

−0.000403

−0.000396

−0.000454

0.000349

0.000363

0.000330

0.000315

0.000348

(−0.57)

(−0.58)

(−0.60)

(−0.59)

(−0.67)

(0.44)

(0.46)

(0.42)

(0.40)

(0.44)

Age

0.00754*

0.00750*

0.00796**

0.00746*

0.00736*

0.00797

0.00815

0.00860

0.00747

0.00825

(1.86)

(1.85)

(1.97)

(1.86)

(1.82)

(1.22)

(1.25)

(1.32)

(1.15)

(1.26)

Subsidy

0.00555**

0.00553**

0.00570**

0.00555**

0.00546**

0.00554**

0.00549**

0.00577**

0.00541**

0.00571**

(2.34)

(2.33)

(2.41)

(2.33)

(2.28)

(2.23)

(2.21)

(2.32)

(2.17)

(2.31)

Growth

−0.000337

−0.000331

−0.000323

−0.000325

−0.000324

−0.000239

−0.000231

−0.000218

−0.000245

−0.000232

(−0.86)

(−0.84)

(−0.82)

(−0.82)

(−0.82)

(−0.96)

(−0.93)

(−0.88)

(−0.98)

(−0.93)

Lev

−0.00213

−0.00211

−0.00209

−0.00214

−0.00206

−0.00314

−0.00314

−0.00317

−0.00315

−0.00318

(−0.98)

(−0.97)

(−0.96)

(−0.97)

(−0.93)

(−1.42)

(−1.41)

(−1.42)

(−1.42)

(−1.42)

ROA

0.00100

0.000996

0.00107

0.000988

0.000999

0.000644

0.000616

0.000337

0.00105

0.000491

(0.20)

(0.20)

(0.21)

(0.20)

(0.20)

(0.15)

(0.14)

(0.08)

(0.25)

(0.11)

Constant

0.00238

−0.00480

−0.00963

−0.0207

−0.0335*

0.00230

0.00855

−0.0311

−0.0157

−0.0392

(0.09)

(−0.19)

(−0.62)

(−1.16)

(−1.90)

(0.07)

(0.29)

(−1.31)

(−0.62)

(−1.44)

Observations

2689

2689

2688

2689

2689

2130

2130

2128

2130

2130

R-squared

0.04

0.04

0.04

0.04

0.04

0.10

0.10

0.10

0.10

0.10