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

Table 5

Regression results for heavy and light industry-biased technological progress, capital price distortion, and capacity utilization.

	Heavy industry				Light industry
	(1); D ⟶ TE	(2); DistK ⟶ TE	(3); D ⟶ DistK	(4); D ⟶ DistK ⟶ TE	(5); D ⟶ TE	(6); DistK ⟶ TE	(7); D ⟶ DistK	(8); D ⟶ DistK ⟶ TE
	TE	TE	DistK	TE	TE	TE	DistK	TE
D	0.011		−1.479	0.005	0.005		−1.520	0.004
	(−5.380)		(−4.90)	(−2.910)	(−1.660)		(−1.850)	(−1.210)
DistK		−0.004		−0.004		−0.001		−0.001
		(−16.870)		(−15.860)		(−4.310)		(−4.140)
Input 2	−0.233	−0.228	1.538	−0.227	−0.549	−0.515	35.510	−0.514
	(−17.840)	(−21.960)	(−0.770)	(−22.010)	(−12.490)	(−11.850)	(−3.090)	(−11.840)
Profit	−0.072	−0.050	5.272	−0.051	−0.328	−0.256	83.860	−0.245
	(−2.250)	(−1.970)	(−1.070)	(−2.010)	(−2.520)	(−2.010)	(−2.460)	(−1.920)
Export	0.203	0.145	−12.390	0.153	0.218	0.219	1.493	0.219
	(−8.620)	(−7.710)	(−3.430)	(−8.140)	(−11.890)	(−12.330)	(−0.310)	(−12.360)
Compete	−0.028	−0.019	2.523	−0.018	0.001	−0.001	−1.780	−0.001
	(−9.520)	(−7.740)	(−5.500)	(−7.500)	(−0.200)	(−0.200)	(−1.200)	(−0.120)
Government	0.192	0.117	−18.170	0.119	0.196	0.166	−33.880	0.163
	(−14.110)	(−9.980)	(−8.690)	(−10.210)	(−5.420)	(−4.610)	(−3.580)	(−4.530)
_cons	0.385	0.419	6.702	0.412	0.330	0.353	19.450	0.349
	(−33.730)	(−47.020)	(−3.820)	(−44.970)	(−13.700)	(−14.960)	(−3.090)	(−14.680)
N	440	440	440	440	260	260	260	260
R ^2	0.780	0.860	0.364	0.863	0.885	0.892	0.554	0.892
adj.R^2	0.765	0.851	0.323	0.854	0.876	0.883	0.521	0.884
F	242.900	423.500	39.340	370.800	307.800	330.300	49.860	283.900

“t statistics are in parentheses”; “ .”