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Table 1.

Variable definition and meaning.

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Table 2.

Descriptive statistical analysis of main variables.

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Table 3.

Correlation analysis.

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Table 4.

Benchmark regression results.

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Table 5.

Endogenous test results.

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Table 6.

Robustness test.

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Table 7.

Mechanism analysis results.

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Table 8.

Heterogeneity analysis of the property right nature.

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Table 9.

Heterogeneity analysis of the enterprise size.

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Table 10.

Heterogeneity analysis of the industry competition.

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Table 11.

Heterogeneity analysis of the regional economic development.

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