China

intensity

DA

−0.0001**

(−2.50)

ROA

0.0001***

(5.15)

Grow

1.86e−06**

(2.43)

Lnsale

−0.0055***

(−4.77)

collateral

0.0071

(0.98)

shield

0.5591*

(1.92)

D_tra

0.0070**

(2.07)

cons

0.149***

(6.28)

N

7329