Property right

Marketization degree

Receive government subsidies

invest1

invest1

invest1

invest1

invest1

invest1

shuji

0.00741*

0.00669

0.00837**

0.00293

0.00878*

0.00658

(0.00433)

(0.00561)

(0.00381)

(0.00901)

(0.00493)

(0.00481)

cash

0.0916**

0.112***

0.0644*

0.229***

0.0293

0.131***

(0.0381)

(0.0417)

(0.0332)

(0.0611)

(0.0438)

(0.0382)

assetdebt

0.181***

0.0263

0.0858*

−0.0131

0.0548

0.163***

(0.0476)

(0.0580)

(0.0485)

(0.122)

(0.0659)

(0.0423)

growth

−0.155***

−0.0226

−0.100**

0.0312

−0.0992

−0.133***

(0.0424)

(0.0552)

(0.0437)

(0.121)

(0.0631)

(0.0323)

roa

0.00109***

0.00126***

0.00136***

0.00160***

0.00151***

0.00103***

(0.00022)

(0.000391)

(0.00021)

(0.00053)

(0.000258)

(0.000284)

occupy

−0.289***

−0.657***

−0.347***

−0.266

−0.396***

−0.293**

(0.100)

(0.157)

(0.0986)

(0.179)

(0.128)

(0.121)

managefee

−0.350***

−0.657***

−0.368***

−1.102***

−0.624***

−0.264**

(0.114)

(0.135)

(0.0960)

(0.240)

(0.144)

(0.114)

gdp

0.0566

0.164***

0.0498

0.119

0.136**

−0.0169

(0.0579)

(0.0599)

(0.0559)

(0.0738)

(0.0529)

(0.0636)

_cons

0.114***

0.117***

0.132***

0.127***

0.163***

0.102***

(0.0189)

(0.0256)

(0.0170)

(0.0344)

(0.0239)

(0.0206)

year

control

control

control

control

control

control

ind

control

control

control

control

control

control

adj. R²

0.069

0.079

0.067

0.159

0.112

0.050

N

3498

1677

4365

685

2618

2557