Variables

State-owned enterprise

Private enterprise

Hong Kong, Macao and Taiwanese investment enterprises

Foreign companies

lntaxrate

2.094*

(1.125)

0.311***

(0.070)

0.804***

(0.185)

0.981***

(0.287)

curassrate1

0.133*

(0.080)

0.213***

(0.026)

0.093***

(0.027)

0.133**

(0.059)

per_output1

0.264***

(0.063)

0.111***

(0.018)

0.207***

(0.017)

0.262***

(0.033)

idebtrate1

0.017

(0.071)

−0.088***

(0.016)

0.059***

(0.009)

0.102***

(0.023)

longidebt1

−0.561**

(0.284)

0.215*

(0.125)

0.270*

(0.144)

0.031

(0.362)

Age

0.007***

(0.003)

0.020***

(0.003)

0.018***

(0.003)

0.032***

(0.007)

kldensity1

0.321***

(0.054)

0.143***

(0.012)

0.056***

(0.012)

0.144***

(0.027)

constant

2.664***

(0.981)

1.742***

(0.642)

0.742

(1.213)

−1.374***

(0.366)

year dummies

YES

YES

YES

YES

city dummies

YES

YES

YES

YES

industry dummies

YES

YES

YES

YES

observation

1537

17762

19153

7581