| VARIABLES | Input |
| Subsidy | 0.265*** |
|
| (3.61) |
| Tax | 0.370*** |
|
| (3.62) |
| Size | −0.010*** |
|
| (−8.24) |
| Lev | 0.001 |
|
| (0.23) |
| Age | −0.001* |
|
| (−1.71) |
| Roe | −0.005 |
|
| (−0.39) |
| Constant | 0.273*** |
|
| (7.95) |
| 年份固定效应 | Control |
| 个体固定效应 | Control |
| Observations | 1,930 |
| R-squared | 0.926 |