Table 12.

Estimation results of heterogeneity analysis.

Dependent	(1)	(2)	(3)	(4)
method	Panel Tobit	Panel Tobit	Panel Tobit	Panel Tobit
style	$Tczh=1$	$Tczh=1$	$Tczh=0$	$Tczh=0$
×1	−0.031*** (−9.48)		−0.006*** (−5.39)
×2		−0.097*** (−14.23)		−0.030*** (−7.84)
Control variables	Yes	Yes	Yes	Yes
${\tau }_i$	Yes	Yes	Yes	Yes
N	300	300	186	186

Notes: The parentheses in the table are t-statistics or z-statistics, and ***, **, and * indicate passing significance tests at the 1%, 5%, and 10% levels, respectively.