Explanatory variable

Fixed effect

Stochastic effect

Multiple difference

2SLS

the County Administrated by Province reform

0.718***

0.517**

0.486***

0.485**

(2.87)

(2.48)

(4.25)

(2.43)

Fiscal revenue distribution

−0.0109

0.0114

−0.00524

−0.0131

(−0.89)

(0.93)

(−0.65)

(−1.29)

Fiscal revenue distribution*the County Administrated by Province reform

−0.00868

−0.0278

−0.0171

−0.00609

(−0.55)

(−1.43)

(−1.44)

(−0.40)

Fiscal expenditure decentralization

−0.0431

−0.0931***

−0.0419**

−0.0362

(−1.42)

(−3.35)

(−2.11)

(−1.55)

Fiscal expenditure decentralization*the County Administrated by Province reform

0.120**

0.0968**

0.0873***

0.0835**

(2.58)

(2.56)

(4.15)

(2.39)

Infrastructure Bearing Capacity

0.0307

−0.00379

−0.00112

0.0229

(1.11)

(−0.24)

(−0.09)

(1.39)

Human capital level

−0.00486

0.0487

−0.00615

0.0261

(−0.11)

(1.13)

(−0.24)

(0.33)

Population density

−0.195**

0.0632*

−0.239***

−0.200**

(−2.15)

(1.87)

(−3.03)

(−2.49)

Non-agricultural Employment

−0.0136

0.175***

−0.0365

−0.0439

(−0.31)

(3.74)

(−1.06)

(−1.11)

Fixed assets investment rate

−0.0910***

−0.0484*

−0.0931***

−0.0912***

(−3.36)

(−1.90)

(−7.51)

(−4.19)

Constant term

9.476***

8.097***

9.832***

10.46***

(14.16)

(18.28)

(21.44)

(12.27)

N

1008

1008

1008

784

Time effect

Control

Control

Control

Control

Individual effect

Control

-

Control

Control

R²

0.953

0.472

0.956

0.960

F statistics

455.5

-

893.1

-

Hausman statistics

-

6850.4

-

25,146.4