(1)

(2)

(3)

(4)

(5)

(6)

VARIABLES

东

中

西

Subsidy

0.391^***

0.075

−0.656^*

(4.93)

(0.40)

(−1.79)

Tax

0.419^***

−0.334

0.474

(3.92)

(−1.06)

(0.7)

Size

−0.008^***

−0.009^***

−0.016^***

−0.016^***

−0.018^***

−0.018^***

(−6.38)

(−7.34)

(−4.34)

(−4.31)

(−2.94)

(−2.98)

Lev

−0.01

0

−0.005

−0.011

−0.003

0.009

(−1.18)

(−0.03)

(−0.45)

(−0.84)

(−0.14)

(0.37)

Age

−0.001^**

0

0.016^***

0.015^***

0.015^***

0.015^***

(−2.11)

(−0.22)

(4.31)

(4.27)

(3.32)

(3.29)

Roe

0.022^***

−0.017

0.066^***

0.100^***

0.109^***

0.06

(3.20)

(−1.37)

(3.56)

(2.69)

(2.96)

(0.86)

年份固定效应

Control

Control

Control

Control

Control

Control

个体固定效应

Control

Control

Control

Control

Control

Control

Observations

1586

1586

197

197

147

147