(1) 民营

(2) 国有

(3) 小规模

(4) 大规模

变量

LNFEE

LNFEE

LNFEE

LNFEE

STRADER

0.230^***

−0.052

(2.64)

(−0.28)

Treat*Post

0.003

0.525^***

(0.11)

(18.86)

Controls

Yes

Yes

Yes

Yes

Constant

6.293^***

6.627^***

5.599^***

5.710^***

(20.94)

(14.40)

(53.08)

(54.26)

Industry fixed effect

Yes

Yes

Yes

Yes

Year fixed effect

Yes

Yes

Yes

Yes

Observations

11,798

6,737

9,270

9,265

R-squared

0.709

0.673

0.654

0.660

r2_a

0.708

0.672

0.652

0.659