Table 5.

PSM-DID test.

	Radius Matching	Kernel Matching
	(1)	(2)
	$lncb$	$lncb$
$ty$	−0.038 ***	−0.039 ***
	(0.008)	(0.008)
$lngdp$	−0.743 ***	−0.742 ***
	(0.013)	(0.013)
$hum$	0.050	0.051
	(0.132)	(0.132)
$urban$	−0.054	−0.053
	(0.033)	(0.033)
$finan$	0.040 ***	0.040 ***
	(0.004)	(0.004)
$edu$	1.170 ***	1.164 ***
	(0.317)	(0.316)
$inter$	0.020 **	0.020 **
	(0.010)	(0.010)
_$cons$	20.614 ***	20.592 ***
	(0.235)	(0.232)
Time effect	Yes	Yes
City effect	Yes	Yes
$N$	3160	3170
$R-sq$	0.984	0.984

Note: Standard errors are in parentheses, and ***, ** denote significance at the levels of 1% and 5%, respectively.