(1) tfp

(2) tfp

(3) tfp

(4) tfp

(5) tfp

ofdi

2.775*** (21.16)

1.768*** (7.63)

0.822*** (8.32)

0.786*** (7.95)

0.784*** (7.84)

Capital density

0.000152* (2.02)

0.000108*** (3.69)

0.000107*** (3.66)

0.000107*** (3.66)

export

0.102 (0.66)

0.156*** (3.40)

0.162*** (3.54)

0.161*** (3.54)

scale

−1.480*** (−10.77)

−0.937*** (−16.08)

−0.924*** (−15.91)

−0.924*** (−15.88)

Foreign capital

0.805*** (5.30)

0.114* (2.26)

0.119* (2.38)

0.119* (2.38)

Year effects

No

No

Yes

Yes

Yes

Region effects

No

No

No

Yes

Yes

Industry effects

No

No

No

No

Yes

_cons

8.226*** (97.62)

12.33*** (27.21)

6.763*** (29.16)

6.727*** (29.14)

6.727*** (29.11)

N

3422

3422

3422

3422

3422

t statistics in parentheses

*p < 0.1; **p < 0.05; ***p < 0.01