Explanatory variable

Fixed effect

Stochastic effect

Multiple difference

2SLS

the County Administrated by Province reform

0.106***

0.0845**

0.118***

0.178***

(2.67)

(2.25)

(3.01)

(4.67)

Fiscal revenue distribution

0.00696***

0.00960***

0.00667***

0.00549***

(3.17)

(4.39)

(3.04)

(2.85)

Fiscal revenue distribution*the County Administrated by Province reform

−0.00680**

−0.00879**

−0.00636**

−0.00298

(−2.14)

(−2.54)

(−2.03)

(−1.02)

Fiscal expenditure decentralization

−0.0102**

−0.0209***

−0.0103**

−0.0163***

(−2.16)

(−4.14)

(−2.15)

(−3.66)

Fiscal expenditure decentralization*the County Administrated by Province reform

0.0172**

0.0151**

0.0189***

0.0276***

(2.40)

(2.23)

(2.66)

(4.15)

Infrastructure Bearing Capacity

0.00908**

0.00350

0.0107**

0.0125***

(2.17)

(1.22)

(2.57)

(3.97)

Human capital level

−0.00201

0.0133*

−0.00194

0.00584

(−0.26)

(1.70)

(−0.25)

(0.39)

Population density

−0.0450***

0.00760

−0.0427***

−0.0388**

(−2.75)

(1.11)

(−2.60)

(−2.54)

Non-agricultural Employment

0.0197**

0.0500***

0.0209**

0.0149**

(1.97)

(5.88)

(2.06)

(1.97)

Fixed assets investment rate

−0.00206

0.00493

−0.00196

−0.00410

(−0.35)

(1.07)

(−0.33)

(−0.99)

Constant term

0.794***

0.521***

0.775***

0.702***

(6.69)

(6.25)

(6.50)

(4.32)

N

1008

1008

1008

784

Time effect

Control

Control

Control

Control

Individual effect

Control

-

Control

Control

R²

0.950

0.226

0.951

0.955

F statistics

338.5

-

359.4

-

Hausman statistics

-

1654.2

-

22276.2