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

Table 5

The basic regression of enterprise productivity in core and peripheral cities.

	Core cities				Peripheral cities
	ln_persale				ln_persale
d_hsr	0.0185	0.0164	0.0095	0.0138	-0.1215	-0.1261	-0.0814	-0.0845
	(0.0045)	(0.0042)	(0.0043)	(0.0043)	(0.0027)	(0.0026)	(0.0026)	(0.0026)
ln_scale		0.2514	0.2512	0.2512		0.2039	0.2032	0.2035
		(0.0007)	(0.0007)	(0.0007)		(0.0005)	(0.0005)	(0.0005)
exportrate		0.0000	0.0000	0.0000		-0.0131	-0.0133	-0.0133
		(0.0000)	(0.0000)	(0.0000)		(0.0005)	(0.0005)	(0.0005)
debtratio		0.0215	0.0195	0.0198		0.0015	0.0016	0.0016
		(0.0008)	(0.0008)	(0.0008)		(0.0002)	(0.0002)	(0.0002)
age		-0.0197	-0.0195	-0.0195		-0.0178	-0.0175	-0.0175
		(0.0001)	(0.0001)	(0.0001)		(0.0001)	(0.0001)	(0.0001)
ln_pop			-0.0105	0.0092			-0.2800	-0.3208
			(0.0201)	(0.0221)			(0.0152)	(0.0153)
ln_gdp			0.4980	0.5090			0.4730	0.4403
			(0.0147)	(0.0148)			(0.0089)	(0.0089)
ln_fdi			0.0598	0.0585			0.0551	0.0560
			(0.0034)	(0.0034)			(0.0014)	(0.0014)
ln_peredu			-0.4310	-0.4551			-0.3546	-0.3916
			(0.0188)	(0.0189)			(0.0119)	(0.0120)
ln_roadrship				-0.0102				0.0994
				(0.0024)				(0.0026)
ln_airrship				-0.0495				0.0041
				(0.0040)				(0.0004)
City fixed	Y	Y	Y	Y	Y	Y	Y	Y
Time fixed	Y	Y	Y	Y	Y	Y	Y	Y
Enterprise fixed	Y	Y	Y	Y	Y	Y	Y	Y
N	966411	966411	966411	966411	1918873	1918873	1918873	1918873
adj. R^2	0.111	0.231	0.233	0.233	0.166	0.237	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.