DID

PSM + DID

State-Owned Enterprises

Private Enterprises

ISO × Post

0.109***

0.122**

0.086

0.140**

(2.612)

(2.458)

(1.364)

(2.543)

Control Variable

Yes

Yes

Yes

Yes

_cons

−1.514***

−1.541***

−2.056***

−0.105

(−7.123)

(−5.299)

(−7.013)

(−0.323)

Year/Ind/Province

Yes

Yes

Yes

Yes

Observations

9940

5783

4966

4974

R²

0.296

0.285

0.350

0.239