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

Table 6

Regression results of instrumental variables.

	Core cities		Peripheral cities
	2SLS	First stage	2SLS	First stage
	ln_persale	d_hsr	ln_persale	d_hsr
d_hsr	0.4244		-0.3623
	(0.2379)		(0.1628)
Least Cost Path IV		0.6324		0.3730
		(0.0082)		(0.0030)
City fixed	Y	Y	Y	Y
Time fixed	Y	Y	Y	Y
Enterprise fixed	Y	Y	Y	Y
N	53117	53117	108090	108090
adj. R^2	0.228	0.539	0.162	0.323
F statistic		10.572		11.139

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.