Does High-Speed Rail Promote Enterprises Productivity? Evidence from China

Table 13

Influence of HSR connection on enterprise productivity: placebo test.

	Core cities		Peripheral cities
	ln_persale		ln_persale
D_2	-0.0410		0.0428
	(0.0041)		(0.0031)
D_1		-0.0059		0.0132
		(0.0039)		(0.0031)
Enterprises control	Y	Y	Y	Y
Cities control	Y	Y	Y	Y
Other traffic control	Y	Y	Y	Y
City fixed	Y	Y	Y	Y
Time fixed	Y	Y	Y	Y
Enterprise fixed	Y	Y	Y	Y
N	966411	966411	1918873	1918873
adj. R^2	0.233	0.233	0.240	0.240

Note: , , and represent 10%, 5%, and 1% levels of statistical significance, respectively. Standard errors are reported in parentheses. Due to space limitation, constant term coefficient and standard error are not reported.