China Policy Journal Volume 1, Number 1, Fall 2018 | Page 133

China Policy Journal
Firm size (base = small)
Large 46.17 −11.1 91.68 89.42
(30.65) (25.74) (115.56) (105.23)
Medium 31.62** 38.21 68.88** 74.29***
Ownership structure (base = private)
(16.11) (36.70) (33.95) (23.99)
State-owned −7.97 −48.77** 2.79 −10.12
(31.43) (22.30) (81.34) (99.86)
Collectively owned −24.28 −81.77 −75.84*** −78.17
(31.73) (50.92) (29.33) (51.18)
HK, Macao and Taiwan
investor −71.65** −123.66*** −150.52 −146.23
(35.61) (40.66) (95.66) (90.76)
Foreign investor −23.82 −78.31** −70.96 −74.38
(41.25) (35.54) (48.88) (52.14)
Companies with limited
shares −30.64 −68.33 −104.19*** −87.09**
(23.55) (48.15) (40.15) (43.20)
Others −46.89** −103.96** −33.63 −31.56
(18.73) (47.75) (55.95) (69.48)
Firm age (years) 0.17 0.7 0.43 0.38
Industry (base = mining)
(0.42) (0.87) (0.64) (0.68)
Food and beverages 31.87 −100.11* 70.79 3.7
(27.39) (51.64) (47.65) (26.30)
Textiles and leather 14.72* −71.75 18.11 −25.07
(8.15) (60.39) (22.11) (23.43)
Pulp, paper and print 41.38* −48.51 53.41* 6.48
(23.19) (30.64) (31.95) (43.91)
Chemicals 68.33*** −24.58 155.20*** 96.44***
(22.19) (60.20) (37.76) (35.55)
Medical 272.51 79.85 681.55* 571.31*
(190.54) (108.69) (364.86) (345.14)
Fiber, rubber and
plastic 28.79 −54.47* 41.76 −18.84
(28.23) (28.32) (73.15) (17.63)
Smelting 15.55 −28.35* 41.75 −21.98
(21.69) (15.67) (32.05) (30.01)
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