(1)

(2)

(3)

(4)

(5)

(6)

TFP-OP

TFP-LP

DT

0.0195**

0.0012

0.0339***

0.0124*

(2.4814)

(0.1789)

(4.2835)

(1.7746)

R & D

0.0558***

0.0558***

0.0809***

0.0808***

(16.4610)

(16.4493)

(23.7274)

(23.6705)

Size

0.4104***

0.3690***

0.3689***

0.5690***

0.5057***

0.5049***

(70.3928)

(56.3531)

(56.1946)

(96.9921)

(76.7610)

(76.4422)

LEV

0.0492***

0.0733***

0.0733***

0.0554***

0.0982***

0.0987***

(4.3850)

(5.2827)

(5.2850)

(4.9005)

(7.0336)

(7.0668)

ROA

0.0558***

0.0976***

0.0977***

0.0678***

0.1297***

0.1301***

(4.3870)

(6.6257)

(6.6275)

(5.2962)

(8.7481)

(8.7747)

Fix

−1.0883***

−1.1110***

−1.1109***

−1.3171***

−1.4069***

−1.4052***

(−33.1839)

(−33.2729)

(−33.2526)

(−39.9131)

(−41.8738)

(−41.8068)

Stock

0.1891***

0.2800***

0.2800***

0.2701***

0.4226***

0.4228***

(9.9090)

(12.5500)

(12.5504)

(14.0657)

(18.8264)

(18.8352)

Cash

0.0360

−0.0237

−0.0236

0.0469*

−0.0163

−0.0148

(1.3409)

(−0.9343)

(−0.9280)

(1.7348)

(−0.6386)

(−0.5810)

FC

−0.0104

−0.0234**

−0.0233**

−0.0350***

−0.0427***

−0.0425***

(−1.1018)

(−2.4576)

(−2.4549)

(−3.6988)

(−4.4630)

(−4.4397)

Age

0.0193***

0.0189***

0.0188***

0.0065***

0.0046***

0.0043***

(14.1743)

(14.2230)

(14.1150)

(4.7228)

(3.4417)

(3.2239)

SOE

−0.0839***

−0.0681***

−0.0681***

−0.0626***

−0.0377**

−0.0375**

(−4.8978)

(−4.1193)

(−4.1176)

(−3.6356)

(−2.2662)

(−2.2525)

Balance

−0.0018

0.0003

0.0003

−0.0122

−0.0033

−0.0032

(−0.2244)

(0.0436)

(0.0447)

(−1.5146)

(−0.4344)

(−0.4235)

Dual

−0.0223***

−0.0181**

−0.0181**

−0.0202**

−0.0171**

−0.0172**

(−2.8099)

(−2.4699)

(−2.4700)

(−2.5335)

(−2.3212)

(−2.3234)

Mgt Holding

−0.0002

−0.0002

−0.0002

−0.0001

−0.0003

−0.0003

(−0.4949)

(−0.6084)

(−0.6102)

(−0.1675)

(−0.8811)

(−0.8990)

Board

0.0052

0.0096***

0.0096***

0.0101***

0.0108***

0.0107***

(1.6021)

(3.1924)

(3.1909)

(3.1315)

(3.5725)

(3.5593)

Ind Director

0.0011

0.0006

0.0006

0.0012

0.0004

0.0004

(1.3590)

(0.8589)

(0.8601)

(1.4815)

(0.5876)

(0.6001)

Four

−0.0056

0.0232

0.0232

0.0141

0.0423*

0.0424*

(−0.2318)

(0.9967)

(0.9972)

(0.5769)

(1.8098)

(1.8151)

Constant

−2.6424***

−2.7700***

−2.7678***

−4.2780***

−4.2920***

−4.2709***

(−20.3379)

(−21.1423)

(−21.0395)

(−32.7232)

(−32.5569)

(−32.2663)

Year FE

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Observations

24865

21469

21469

24865

21469

21469

Adjusted R²

0.3127

0.3978

0.3978

0.4289

0.5112

0.5112