Modelling the Impacts of Government Subsidies on Total Factor Productivity: An Empirical Study

Table 3

Regression results of the impact of government subsidies on the marine enterprises’ TFP.

	(1)	(2)	(3)
	TFP_OP	TFP_OP	TFP_OP
Sub	0.028
	(2.349)
Sup		0.032
		(2.813)
Rew			0.012
			(0.628)
Size	0.593	0.588	0.655
	(25.531)	(24.815)	(16.666)
Lev	0.270	0.260	0.627
	(1.618)	(1.512)	(2.440)
Roe	0.600	0.643	0.677
	(3.733)	(3.771)	(2.509)
Pow	−0.143	−0.139	−0.145
	(−2.207)	(−2.042)	(−1.591)
Rela	0.069	0.051	0.079
	(1.285)	(0.906)	(0.935)
Indep	−0.300	−0.076	−0.203
	(−0.595)	(−0.143)	(−0.301)
Age	−0.002	−0.001	−0.023
	(−0.427)	(−0.136)	(−2.679)
_Cons	1.952	1.925	0.985
	(4.275)	(4.081)	(1.064)
Year/Prov	Control	Control	Control
R^2	0.787	0.799	0.732
N	508	454	239