Table 7 Test for heterogeneity of property rights.

From: Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market

Variable

State-owned enterprises

Non-state-owned enterprises

TFP_OP

TFP_LP

TFP_OP

TFP_LP

FIN

0.144

0.159

0.287*

0.310**

(0.561)

(0.623)

(1.817)

(1.964)

FIN_SQ

−0.298

(−0.766)

−0.313

−0.594***

(−2.975)

−0.609***

(−0.815)

(−3.062)

Control

YES

YES

YES

YES

η/μ

YES

YES

YES

YES

_cons

−0.811***

−0.906***

−0.620**

−0.735***

(−2.768)

(−3.119)

(−2.295)

(−2.703)

Adj R2

0.789

0.792

0.751

0.754

N

3947

3947

5693

5693

  1. ***, **, * represents significance at the 1%, 5%, and 10% levels, respectively, with Z-values in parentheses.
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