国有企业

民营企业

国企–民企(seemingly unrelated test)

$Z{F}_{i,t}$

−0.981***

−0.150

0.704**

(−3.71)

(−0.39)

(−3.54)

Const

−0.756*

0.901*

(−1.96)

(−1.88)

Control variable

Yes

Yes

Year/region/ Industry / cluster

Yes

Yes

F(P value)

4.14 (0.000)

3.02 (0.000)

N

1672

2450

adj. R²

0.196

0.119