Table 10.

Estimated results of different areas

Item	Beijing	Tianjin	Hebei
${\mathit{Eff}}_{it-1}$	0.472 * * *	0.321 * * *	0.632 * * *
	(10.583)	(4.436)	(7.726)
Nci	0.138 * * *	0.286 * * *	0.048 * * *
	(3.730)	(3.760)	(3.749)
Stb	0.05 * * *	0.131 * * *	0.140 * * *
	(3.297)	(3.466)	(3.653)
Tote	0.462 * *	0.063 * *	0.224 * * *
	(2.388)	(2.151)	(3.885)
Unpro	0.433 * *	0.097	0.124
	(2.481)	(0.931)	(1.093)
Fat	0.011	0.131 * *	0.017 * * *
	(0.186)	(2.120)	(3.431)
Ocdd	0.054	0.043	0.011
	(0.565)	(0.546	(0.137
Roc	0.084 * * *	0.534 * * *	0.053 *
	(3.241)	(5.24)	(1.86)
Cats	0.124 * * *	0.088	0.146
	(4.512)	(1.117)	(1.493)
Ncfn	0.02 *	0.123	0.037
	(1.729)	(0.659)	(0.451)
Dbt	0.042 * * *	0.001 * * *	0.072 * * *
	(3.892)	(3.007)	(4.416)
Tgrt	0.057	0.220 * *	0.044
	(0.77)	(2.165)	(0.336)
Opgrt	0.125 * *	0.546 * * *	0.061
	(2.06)	(2.726)	(0.479)
Inta	0.026	0.011	0.017 * * *
	(0.404)	(0.116)	(3.379)
Fcu	13.632 * * *	0.192 * * *	0.472
	(6.270)	(6.170)	(0.856)
Cpi	3.355 *	0.024	0.564
	(1.824)	(0.317)	(1.759)
Sii	18.629 * * *	0.585 * *	0.608 * * *
	(6.713)	(2.488)	(3.279)
Ssf	2.693	0.047	0.029
	(1.546)	(0.999)	(0.497)
Yeb	17.190 * * *	0.606 * * *	0.316 * * *
	(6.459)	(2.969)	(3.203)
Rcfr	19.780 * * *	0.042	0.31
	(6.491)	(0.749)	(1.028)
Govs	0.059 * * *	0.036 * * *	0.06 * * *
	(4.156)	(3.462)	(4.234)
Constant	15.435 * * *	0.204 * * *	0.052 * * *
	(6.629)	(4.369)	(3.200)
R squared	0.626	0.54	0.68
Adjust R squared	0.739	0.676	0.726
N	434	168	147
Wald χ squared	168.518	111.255	80.163
P	0.000	0.000	0.000
D—W value	2.658	1.369	1.518

* denotes P < 0.1 ** denotes P < 0.05 *** denotes P < 0.01