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

Table 4

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

	(1); D ⟶ CNGS	(2); DistK ⟶ CNGS	(3); D ⟶ DistK	(4); D ⟶ DistK ⟶ CNGS
	CNGS	CNGS	DistK	CNGS
D	−0.376		−1.978	−0.264
	(−2.460)		(−5.940)	(−1.690)
DistK		0.063		0.057
		(3.680)		(3.210)
Input 2	2.670	2.428	5.239	2.372
	(2.410)	(2.200)	(−2.170)	(2.150)
Profit	−2.322	−0.890	9.594	−0.916
	(−2.080)	(−0.750)	(−1.590)	(−0.770)
Export	7.043	8.003	−13.860	7.832
	(5.290)	(5.960)	(−4.770)	(5.830)
Compete	2.606	2.561	1.602	2.515
	(10.890)	(10.760)	(−3.070)	(10.500)
Government	3.222	2.683	−24.730	2.676
	(1.170)	(0.980)	(−10.150)	(0.980)
cons	−7.284	−8.388	12.890	−8.018
	(−8.180)	(−9.440)	(−6.630)	(−8.780)
N	700	700	700	700
R ^2	0.275	0.283	0.361	0.286
adj.R^2	0.231	0.239	0.322	0.241
F	41.570	43.280	62.040	37.610

“t statistics are in parentheses”; “ .”