Fig 1.
Theoretical context diagram and mechanism.
It combs the theoretical context and theoretical mechanism of this paper. This figure is generated in MindMaster.
Table 1.
Index system of AGD level.
Table 2.
Descriptive statistics of main indicators.
Table 3.
The benchmark regression results of industrial policy on AGD.
Fig 2.
It shows that there is no significant difference between the treatment group and the control group before and after the implementation of the policy, which proves that the parallel trend hypothesis is satisfied. This figure was generated in STATA17.
Fig 3.
Randomly generated experimental group.
The blue vertical dotted line on the right represents the real regression coefficient. It shows that the placebo test results are on the left side of the true value, and most of the estimated coefficients are not significant. It means that the original regression results are unlikely to be obtained by chance. This figure was generated in STATA17.
Table 4.
Construct a placebo test of dummy variables.
Table 5.
Exclude other policy interference regression results.
Table 6.
Mechanism test regression results.
Table 7.
Heterogeneous regression results.