Table 7.
Results of the regional distribution heterogeneity analysis.
| Baseline regressive results | Parallel trend test | |||||
|---|---|---|---|---|---|---|
| Eastern | Central | Western | Eastern | Central | Western | |
| Treatit × Postit | 1.514*** | 0.304 | 0.336 | |||
| (4.93) | (1.30) | (0.50) | ||||
| Treat, i × Post,2013 | −0.363 | 0.414 | −0.277 | |||
| (−1.22) | (1.83) | (−0.30) | ||||
| Treat, i × Post,2014 | −0.312 | 0.055 | 0.524 | |||
| (−0.69) | (0.07) | (0.50) | ||||
| Treat, i × Post,2015 | −0.206 | 0.667 | 0.967 | |||
| (−0.43) | (1.47) | (0.74) | ||||
| Treat, i × Post,2016 | 0.015 | 0.119 | 1.085 | |||
| (0.03) | (0.20) | (0.45) | ||||
| Treat, i × Post,2017 | 0.541 | 0.496 | 0.855 | |||
| (0.83) | (1.12) | (0.65) | ||||
| Treat, i × Post,2018 | 1.735*** | 1.020** | −0.029 | |||
| (2.96) | (2.62) | (−0.04) | ||||
| Treat, i × Post,2019 | 2.154*** | 0.599 | 0.283 | |||
| (6.32) | (1.05) | (0.40) | ||||
| Treat, i × Post,2020 | 2.006*** | 0.753 | 0.967 | |||
| (4.28) | (1.82) | (0.70) | ||||
| Constant | −10.662 | 1.425 | 14.253* | −9.417 | −0.341 | 16.582*** |
| (−0.61) | (0.13) | (2.22) | (−0.52) | (−0.03) | (5.12) | |
| Observations | 594 | 261 | 144 | 594 | 261 | 144 |
| R-squared | 0.778 | 0.779 | 0.868 | 0.786 | 0.783 | 0.871 |
| Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
| Company FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
Robust t-statistics in parentheses,
***
p < 0.01,
**
p < 0.05,
*
p < 0.1.
According to the regional division standard of “China High-tech Industry Statistical Yearbook” before 2012: The eastern region includes: Beijing, Tianjin, Hebei, Liaoning, Shandong, Shanghai, Jiangsu, Zhejiang, Fujian, Guangdong, Guangxi, Hainan; The central region includes: Shanxi, Inner Mongolia, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei, Hunan; The western region includes: Chongqing, Sichuan, Guizhou, Yunnan, Shaanxi, Gansu, Qinghai, Ningxia, Tibet, and Xinjiang.