Distort 4

0.005*

SOE

−0.008***

−0.009***

−0.005***

−0.001

SCF

0.130***

0.131***

0.132***

0.130***

Distort 1 SOE

0.002

Distort 1 SOE SCF

0.010

Distort 2 SOE

0.003

Distort 2 SOE SCF

0.007

Distort 3 SOE

−0.0004*

Distort 3 SOE SCF

0.0007

Distort 4 SOE

−0.010**

Distort 4 SOE SCF

0.019

cash

0.027***

0.027***

0.027***

0.028***

ROA

0.03***

0.036***

0.037***

0.0356***

growth

−0.001

−0.001

−0.001

−0.001

ret

−0.001

0.000

−0.001

−0.001

top1

0.003

0.003

0.003

0.003

top9_1

0.001

0.001

0.001

0.001

tpay

−0.002***

−0.002***

−0.002***

−0.002***

cons

0.063***

0.063***

0.059***

0.059***

industry

Control

Year

Control

N

5301

5301

5284

5296

R-squared

0.115

0.1153

0.115

0.1151

AdjR-squared

0.1093

0.1095

0.1093

0.1094

F

20.12

20.18

20.06

20.13