| ln(landarea_resi) | ln(landprice_resi) | ln(landrevenue_resi) | auction ratio |
independent variable | (1) | (2) | (3) | (4) |
career incentive | −0.958** | 1.834** | 1.355* | 0.201*** |
| (0.438) | (0.756) | (0.788) | (0.071) |
fiscal deficit ratio | 0.305 | −0.88 | 2.586*** | 0.000 |
| (0.520) | (0.896) | (0.933) | (0.084) |
GDP | −0.319 | 2.950** | 2.102 | −0.076 |
| (0.765) | (1.319) | (1.376) | (0.124) |
GDP growth rate | 0.910 | −1.727 | −1.725 | −0.325 |
| (2.509) | (4.326) | (4.559) | (0.406) |
proportion of secondary industry | −2.008 | −5.876 | −7.527 | −1.366** |
| (3.496) | (6.021) | (6.269) | (0.565) |
proportion of secondary industry | 2.205 | 0.024 | 0.933 | −0.507 |
| (3.019) | (5.196) | (5.403) | (0.488) |
ln(fixed asset investment) | 0.364 | −0.406 | −0.865 | −0.013 |
| (0.322) | (0.557) | (0.581) | (0.052) |
urban ratio | 1.540* | −2.538 | −2.373 | 0.181 |
| (0.894) | (1.579) | (1.740) | (0.144) |
population growth rate | 0.511 | 1.743 | 2.384 | −0.488 |
| (1.896) | (3.258) | (3.399) | (0.307) |
ln(population density) | 1.058** | 1.460** | 0.608 | −0.012 |
| (0.413) | (0.713) | (0.741) | (0.067) |
ln(PCDI) | 0.260 | −0.255 | 0.080 | 0.259* |
| (0.911) | (1.569) | (1.633) | (0.147) |
ln(urban road area) | 0.523** | 0.013 | 0.276 | 0.017 |
| (0.245) | (0.434) | (0.476) | (0.040) |
city fixed effect | yes | yes | yes | yes |
time fixed effect | yes | yes | yes | yes |
province specific time trend | yes | yes | yes | yes |
constant | −78.095 | 226.195** | 115.744 | 15.128* |
| (50.082) | (88.767) | (92.738) | (8.096) |
observations | 408 | 404 | 404 | 408 |
R-squared | 0.595 | 0.399 | 0.619 | 0.111 |
number of city | 46 | 46 | 46 | 46 |