VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

ofdi

1.572^***

1.505^***

1.402^***

1.235^***

0.699^***

0.507^***

(0.061)

(0.070)

(0.067)

(0.073)

(0.082)

(0.084)

wage

0.177^***

0.153^***

0.153^***

0.153^***

0.153^***

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

age

0.209^***

0.181^***

0.181^***

0.181^***

0.181^***

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

capital

−0.043^***

−0.051^***

−0.051^***

−0.051^***

−0.051^***

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

sales

−0.032^***

−0.028^***

−0.028^***

−0.028^***

−0.028^***

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

profit

−0.062^***

−0.061^***

−0.061^***

−0.061^***

−0.061^***

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

fies

0.600^***

0.600^***

0.600^***

0.601^***

(0.015)

(0.015)

(0.015)

(0.015)

hmtie

0.745^***

0.746^***

0.745^***

0.745^***

(0.020)

(0.020)

(0.020)

(0.020)

coes

−0.349^***

−0.350^***

−0.350^***

−0.349^***

(0.005)

(0.005)

(0.005)

(0.005)

private

−0.435^***

−0.435^***

−0.435^***

−0.435^***

(0.003)

(0.003)

(0.003)

(0.003)

east

0.021^***

0.021^***

0.021^***

0.021^***

(0.003)

(0.003)

(0.003)

(0.003)

middle

0.183^***

0.183^***

0.183^***

0.183^***

(0.003)

(0.003)

(0.003)

(0.003)

Constant

2.709^***

2.126^***

2.512^***

2.511^***

2.510^***

2.511^***

(0.004)

(0.008)

(0.008)

(0.008)

(0.008)

(0.008)

Observations

1,754,397

1,260,223

1,260,223

1,260,223

1,260,223

1,260,223

R-squared

0.025

0.079

0.116

0.116

0.115

0.116

F

5780

8253

7337

7325

7309

7310