Biased Technological Progress, Factor Price Distribution, and Overcapacity: A Case from China

Table 3

Regression results of the model of intermediary effects of the biased technological progress, capital (labor) price distortion, and overcapacity.

	(1); D ⟶ TE	(2); DistK ⟶ TE	(3); DistL ⟶ TE	(4); D ⟶ DistK	(5); D ⟶ DistL	(6); D ⟶ DistK ⟶ TE	(7); D ⟶ DistL ⟶ TE
	TE	TE	TE	DistK	DistL	TE	TE
D	0.012			−1.978	−0.058	0.006	0.012
	(−6.970)			(−5.940)	(−1.320)	(−4.340)	(−6.840)
DistK		−0.003				−0.003
		(−17.76)				(−16.560)
DistL			−0.010				−0.010
			(−6.550)				(−6.410)
Input 2	−0.253	−0.240	−0.233	5.239	2.365	−0.238	−0.230
	(−19.860)	(−21.990)	(−17.520)	(−2.170)	(−7.420)	(−22.140)	(−17.870)
Profit	−0.096	−0.069	−0.093	9.594	0.566	−0.069	−0.091
	(−3.020)	(−2.530)	(−2.930)	(−1.590)	(−0.710)	(−2.560)	(−2.930)
Export	0.263	0.219	0.270	−13.860	1.037	0.224	0.274
	(−17.170)	(−16.550)	(−17.470)	(−4.770)	(−2.700)	(−17.060)	(−18.260)
Compete	−0.024	−0.021	−0.029	1.602	−0.190	−0.020	−0.026
	(−8.720)	(−8.780)	(−10.420)	(−3.070)	(−2.750)	(−8.340)	(−9.620)
Government	0.216	0.144	0.178	−24.730	−4.390	0.145	0.173
	(−16.770)	(−12.240)	(−12.140)	(−10.150)	(−13.640)	(−12.460)	(−12.240)
_cons	0.365	0.411	0.413	12.890	3.411	0.402	0.398
	(−35.570)	(−46.890)	(−36.310)	(−6.630)	(−13.290)	(−45.110)	(−35.490)
N	700	700	700	700	700	700	700
R ^2	0.785	0.844	0.783	0.361	0.450	0.848	0.798
adj.R^2	0.772	0.835	0.770	0.322	0.417	0.839	0.785
F	401.500	594.500	397.400	62.040	90.010	526.100	371.000

“t statistics are in parentheses”; “ .”