variable

Net accounts receivable/sales volume

(1)

(2)

(3)

(4)

Federal effective fund rate measures the USMP

Incorporated into export enterprises

FDI × USMP

−0.928**

−0.798**

−0.653***

−0.578***

(−2.348)

(−2.019)

(−3.647)

(−3.227)

Constant

−25.949***

−17.193**

−10.770**

−4.514

(−3.371)

(−2.195)

(−2.573)

(−1.059)

Enterprise FE

yes

yes

yes

yes

Time FE

yes

yes

yes

yes

Control variables at the national level

deny

yes

deny

yes

Obs

16,063

16,063

41,245

41,245

R-squared

0.709

0.711

0.641

0.642