| VARIABLES | 国有 Aud | 非国有 Aud | 四大 Aud | 非四大 Aud |
| SD
| 0.0000 | 0.0000* | −0.0000 | 0.0000* |
| (0.35) | (1.71) | (−0.35) | (1.95) | |
| Constant
| 0.0025*** | 0.0051*** | 0.0026*** | 0.0045*** |
| (14.75) | (15.53) | (7.89) | (18.08) | |
| Observations | 4994 | 11,708 | 1012 | 15,690 |
| R-squared | 0.336 | 0.197 | 0.192 | 0.195 |
| Number of stkcd | 896 | 2154 | 221 | 2807 |
| firm | yes | yes | yes | yes |
| year | yes | yes | yes | yes |