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Table 3. 
Summary statistics of variables, full sample
VariablesNMeanSDMinMax
I/K 744805 0.54 1.54 −0.79 11.13 
D.lnY 725414 0.20 0.73 −1.99 2.61 
D.lnL 744815 0.03 0.35 −1.19 1.36 
D.lnTFP 725414 0.15 0.74 −2.03 2.53 
zombie_initial 744815 0.13 0.34 
g_investG 744815 0.19 0.26 −0.32 0.71 
StateFinan 744815 0.23 0.12 0.04 0.98 
PPI 744682 1.03 0.02 0.99 1.17 
SOE 744815 0.05 0.23 
Collective 744815 0.07 0.26 
HMT 744815 0.11 0.31 
Foreign 744815 0.10 0.31 
Others 744815 0.18 0.39 
Expdummy 744815 0.28 0.45 
Kintensity 744815 3.72 1.36 −6.77a 14.39 
Size 744815 9.92 1.43 2.48 20.15 
Age 744763 10.46 9.92 218b 
IndusConcen 744815 0.23 0.15 0.05 
VariablesNMeanSDMinMax
I/K 744805 0.54 1.54 −0.79 11.13 
D.lnY 725414 0.20 0.73 −1.99 2.61 
D.lnL 744815 0.03 0.35 −1.19 1.36 
D.lnTFP 725414 0.15 0.74 −2.03 2.53 
zombie_initial 744815 0.13 0.34 
g_investG 744815 0.19 0.26 −0.32 0.71 
StateFinan 744815 0.23 0.12 0.04 0.98 
PPI 744682 1.03 0.02 0.99 1.17 
SOE 744815 0.05 0.23 
Collective 744815 0.07 0.26 
HMT 744815 0.11 0.31 
Foreign 744815 0.10 0.31 
Others 744815 0.18 0.39 
Expdummy 744815 0.28 0.45 
Kintensity 744815 3.72 1.36 −6.77a 14.39 
Size 744815 9.92 1.43 2.48 20.15 
Age 744763 10.46 9.92 218b 
IndusConcen 744815 0.23 0.15 0.05 

Source: Authors’ estimation.

Note: a. Capital intensity is measured as ratio of fixed asset to number of employees in logarithm term; that is why the minimum value is negative.

b. Very few observations have extremely large values on age. Because age is a control variable, we did not delete it so as to save more observations. But we checked those firms with large age value—the large maximum is not a mistake, but due to a few “time-honored brands” or long-standing enterprises.

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