State-owned

Private

East

Central

West

Central government policy support

Non-central government policy support

Central government policy support & manufacturing

Central government policy support & service industry

Non-policy support & manufacturing

Non-central government policy support & service industry

tfp

tfp

tfp

tfp

tfp

tfp

tfp

tfp

tfp

tfp

tfp

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

ofdi

0.136***

0.105***

0.164***

0.140**

0.175**

0.136***

0.161***

0.094***

0.190**

0.076

0.216**

(3.41)

(2.89)

(4.43)

(2.15)

(2.14)

(4.27)

(2.67)

(3.00)

(2.23)

(1.27)

(2.08)

size

0.108***

0.017

−0.003

0.055

0.172***

0.008

0.033

0.085***

−0.144***

0.060

−0.079

(3.59)

(0.54)

(−0.11)

(0.70)

(2.92)

(0.28)

(0.53)

(2.92)

(−3.03)

(1.63)

(−1.64)

age

0.144*

0.103

0.170***

0.191

0.091

0.167***

0.170

0.089

0.180

0.325***

−0.246

(1.65)

(1.23)

(2.63)

(1.50)

(0.61)

(2.84)

(1.51)

(1.46)

(0.93)

(3.65)

(−1.12)

lev

1.096***

0.840***

1.068***

0.883***

0.958***

0.936***

0.790***

0.834***

0.950***

0.493***

1.630***

(6.28)

(5.54)

(7.81)

(3.78)

(2.82)

(6.91)

(4.05)

(6.85)

(3.24)

(3.40)

(5.39)

roa

0.338**

0.461***

0.815***

0.246**

0.221***

0.608***

0.368**

0.606***

0.578***

0.638***

0.756***

(2.51)

(2.92)

(7.59)

(2.10)

(3.76)

(5.14)

(2.53)

(4.81)

(3.32)

(3.12)

(3.62)

growth

0.088***

0.027*

0.000**

0.072*

0.056***

0.059***

0.000***

0.053***

0.130***

0.102***

0.000

(5.09)

(1.94)

(2.03)

(1.70)

(3.54)

(4.11)

(3.65)

(3.86)

(4.13)

(5.37)

(0.61)

export

0.006

0.015***

0.012***

0.011**

0.001

0.011***

0.005

0.013***

−0.001

0.006

0.007

(1.52)

(4.12)

(3.22)

(2.12)

(0.13)

(3.09)

(1.14)

(3.73)

(−0.09)

(1.31)

(0.83)

Constant term

5.074***

6.460***

6.862***

5.872***

3.614***

6.684***

6.665***

5.241***

10.174***

5.929***

8.897***

(8.42)

(10.64)

(14.27)

(4.10)

(3.13)

(12.89)

(5.46)

(9.37)

(9.83)

(8.09)

(8.10)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Enterprise

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

2463

4336

4722

1040

848

4856

2053

3843

688

1337

498

R²

0.428

0.406

0.422

0.445

0.446

0.446

0.292

0.469

0.526

0.481

0.291

F

25.923

37.989

39.596

15.620

20.974

45.542

14.000

41.127

15.548

31.180

6.316