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

Table 5

Test results of mediating effects for the influence mechanism.

	(1)	(2)	(3)	(4)	(5)	(6)
	TFP_OP	SA	TFP_OP	TFP_OP	RD	TFP_OP
Sub	0.028	0.007	0.031	0.067	0.002	0.053
	(2.007)	(3.221)	(2.205)	(3.502)	(4.044)	(2.980)
SA			−0.448
			(−1.935)
RD						12.262
						(5.473)
Control variables	Control	Control	Control	Control	Control	Control
year/Prov	Control	Control	Control	Control	Control	Control
R^2	0.787	0.997	0.789	0.814	0.252	0.834
N	508	508	508	347	344	344