all

central SOE

local SOE

private enterprise

(1)

(2)

(3)

(4)

suba

0.4640***

0.7800***

0.3460***

0.4200***

(0.0510)

(0.1230)

(0.09110)

(0.0704)

suba2

−4.0430***

−8.4450***

−6.4440***

−2.0200

(1.2610)

(3.0410)

(2.0200)

(1.8430)

control variables

control

control

control

control

ind

control

control

control

control

year

control

control

control

control

prov

control

control

control

control

N

7813

1077

1767

4659

LR chi2

3935.43

982.80

1066.17

2273.82

Pseudo R2

−0.0970

−0.1780

−0.1090

−0.0940