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