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Table 11. 
Debt Financing of Incumbent State-Owned Enterprises
Full SampleNegative Profit SOEs Only
Incumbent FirmsLog Current DebtLog Total DebtLog Current DebtLog Total Debt
City −0.273* −0.207 0.442 0.421 
 (0.147) (0.142) (0.276) (0.280) 
SOE 0.261*** 0.248***   
 (0.0819) (0.0801)   
City × SOE 0.356** 0.341*   
 (0.172) (0.174)   
Constant 10.49*** 10.77*** 9.706*** 10.10*** 
 (0.529) (0.513) (0.255) (0.277) 
Observations 32,240 32,732 1,494 1,515 
R2 0.201 0.188 0.388 0.350 
Block FE Yes Yes Yes Yes 
Industry × Year FE Yes Yes Yes Yes 
Full SampleNegative Profit SOEs Only
Incumbent FirmsLog Current DebtLog Total DebtLog Current DebtLog Total Debt
City −0.273* −0.207 0.442 0.421 
 (0.147) (0.142) (0.276) (0.280) 
SOE 0.261*** 0.248***   
 (0.0819) (0.0801)   
City × SOE 0.356** 0.341*   
 (0.172) (0.174)   
Constant 10.49*** 10.77*** 9.706*** 10.10*** 
 (0.529) (0.513) (0.255) (0.277) 
Observations 32,240 32,732 1,494 1,515 
R2 0.201 0.188 0.388 0.350 
Block FE Yes Yes Yes Yes 
Industry × Year FE Yes Yes Yes Yes 

FE = fixed effects, SOE = state-owned enterprise.

Notes:

1. ***, **, and * denote significance at the 1%, 5%, and 10% level, respectively.

2. Standard errors are in parentheses and clustered at the county level.

3. Analysis is restricted to firms opened before 1997.

Source: Authors’ calculations.

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