| . | . | Test for Balance . | |||
|---|---|---|---|---|---|
| Results of Probit Regression . | . | Mean . | |||
| Variable . | Coefficient (Standard Error) . | Sample . | Control Group . | Treatment Group . | Absolute Value of Difference . |
| Profit rate | 0.011*** | BM | 8.31 | 9.97 | 1.66*** |
| (0.003) | AM | 8.15 | 8.54 | 0.40 | |
| Grow rate of profit | 0.125 | BM | 86.69 | 97.89 | 11.20*** |
| (0.175) | AM | 96.63 | 98.60 | 1.98 | |
| Size | 0.270*** | BM | 8.74 | 9.62 | 0.88** |
| (0.006) | AM | 9.08 | 9.42 | 0.34* | |
| Age | –0.002*** | BM | 10.17 | 8.04 | 2.13** |
| (0.001) | AM | 8.47 | 7.97 | 0.49 | |
| Tax rate | –0.031*** | BM | 0.55 | 0.66 | 0.11** |
| (0.006) | AM | 0.61 | 0.67 | 0.06 | |
| Leverage | 0.001*** | BM | 55.11 | 59.92 | 4.82*** |
| (0.000) | AM | 57.64 | 58.85 | 1.21 | |
| Human capital | 0.440*** | BM | 9.02 | 12.86 | 3.84*** |
| (0.040) | AM | 10.48 | 12.78 | 2.31* | |
| Female share | 0.387*** | BM | 33.50 | 36.25 | 2.75** |
| (0.057) | AM | 35.18 | 36.21 | 1.03 | |
| Ownership dummies | Yes | ||||
| City dummies | Yes | ||||
| Industry dummies | Yes | ||||
| Observations | 250,799 | ||||
| Pseudo R2 | 0.209 | ||||
| . | . | Test for Balance . | |||
|---|---|---|---|---|---|
| Results of Probit Regression . | . | Mean . | |||
| Variable . | Coefficient (Standard Error) . | Sample . | Control Group . | Treatment Group . | Absolute Value of Difference . |
| Profit rate | 0.011*** | BM | 8.31 | 9.97 | 1.66*** |
| (0.003) | AM | 8.15 | 8.54 | 0.40 | |
| Grow rate of profit | 0.125 | BM | 86.69 | 97.89 | 11.20*** |
| (0.175) | AM | 96.63 | 98.60 | 1.98 | |
| Size | 0.270*** | BM | 8.74 | 9.62 | 0.88** |
| (0.006) | AM | 9.08 | 9.42 | 0.34* | |
| Age | –0.002*** | BM | 10.17 | 8.04 | 2.13** |
| (0.001) | AM | 8.47 | 7.97 | 0.49 | |
| Tax rate | –0.031*** | BM | 0.55 | 0.66 | 0.11** |
| (0.006) | AM | 0.61 | 0.67 | 0.06 | |
| Leverage | 0.001*** | BM | 55.11 | 59.92 | 4.82*** |
| (0.000) | AM | 57.64 | 58.85 | 1.21 | |
| Human capital | 0.440*** | BM | 9.02 | 12.86 | 3.84*** |
| (0.040) | AM | 10.48 | 12.78 | 2.31* | |
| Female share | 0.387*** | BM | 33.50 | 36.25 | 2.75** |
| (0.057) | AM | 35.18 | 36.21 | 1.03 | |
| Ownership dummies | Yes | ||||
| City dummies | Yes | ||||
| Industry dummies | Yes | ||||
| Observations | 250,799 | ||||
| Pseudo R2 | 0.209 | ||||
AM = after matching sample, BM = before matching sample.
Notes: The dependent variable in the left panel is a dummy that measures whether a firm has a computer. The right panel shows results from testing the difference between two groups (AM and BM). The p-value (indicated by stars) in the last column is for the null hypothesis, which states that there is no difference between the two groups. The coefficients and standard errors for dummies are not presented to save space. ***, **, and * denote significance at the 1%, 5%, and 10% level, respectively.
Source: Author's calculations based on National Bureau of Statistics of China. 1998–2008. “Chinese Industrial Enterprises Database.”