Overall sample

State-owned

Private

East

Middle

West

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

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

tfp_op

ofdi

0.092***

0.080***

0.052***

0.083**

0.093*

0.144**

0.080***

0.073**

0.058***

0.129***

0.047

0.142*

(6.22)

(3.39)

(2.62)

(2.50)

(1.69)

(2.37)

(4.72)

(2.56)

(3.16)

(2.67)

(1.60)

(1.78)

size

−0.061***

−0.016

−0.069***

−0.074***

−0.097**

−0.020

−0.076***

0.003

−0.048***

−0.125***

0.005

−0.042

(−7.89)

(−1.12)

(−7.07)

(−3.73)

(−2.33)

(−0.46)

(−8.67)

(0.16)

(−4.57)

(−6.15)

(0.25)

(−0.90)

age

0.058**

0.048

−0.035

0.055

0.130

0.181*

0.082***

−0.004

0.052

0.122

0.040

−0.217

(2.20)

(0.89)

(−0.92)

(0.95)

(1.37)

(1.67)

(2.74)

(−0.07)

(1.60)

(1.33)

(0.71)

(−1.25)

lev

0.577***

0.588***

0.557***

0.566***

0.481***

0.561***

0.584***

0.411***

0.586***

0.612***

0.330***

1.244***

(14.07)

(8.05)

(10.64)

(5.28)

(2.78)

(2.81)

(12.21)

(4.71)

(11.35)

(4.07)

(3.71)

(4.57)

roa

0.393***

0.282***

0.516***

0.456***

0.234**

0.443***

0.467***

0.592***

0.595***

0.201***

0.463***

0.628***

(15.72)

(8.17)

(13.85)

(4.52)

(2.21)

(3.33)

(14.34)

(9.83)

(15.04)

(3.11)

(7.56)

(3.26)

growth

0.014***

0.015***

0.013***

0.014

0.007

0.016**

0.032***

0.002

0.027***

0.094***

−0.001

0.012

(6.76)

(3.01)

(5.85)

(1.31)

(0.83)

(2.20)

(9.96)

(0.74)

(8.69)

(3.40)

(−0.16)

(1.38)

export

0.001

−0.002

0.006***

0.002

0.003

−0.004

0.002

−0.000

0.004**

−0.005

−0.001

0.007

(0.71)

(−0.77)

(2.66)

(0.74)

(0.77)

(−0.67)

(0.90)

(−0.06)

(2.12)

(−0.97)

(−0.24)

(0.94)

Constant term

4.415***

3.621***

4.556***

4.636***

5.152***

3.355***

4.655***

3.457***

4.117***

5.325***

3.412***

4.265***

(29.05)

(11.93)

(24.16)

(12.70)

(6.50)

(4.17)

(27.17)

(8.98)

(20.32)

(11.70)

(8.13)

(4.65)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Enterprise

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

7578

2450

4509

5147

1137

959

5319

2259

4188

761

1505

533

R²

0.119

0.133

0.135

0.113

0.139

0.187

0.159

0.123

0.180

0.188

0.173

0.128

F

41.220

15.494

26.869

7.917

4.280

5.878

39.412

11.310

36.308

6.077

11.501

2.445