Study on the Operation Efficiency of Toll Roads in China from the Perspective of Scale Economy
Table 8
Parameter estimation results.
(I)
(II)
(III)
(IV)
Pooled OLS
Panel GMM
Toll
7.213
1.845
13.32
3.041
(3.74)
(2.29)
(4.15)
(2.63)
Toll_int
−20.69
−7.119
−61.30
−12.81
(−2.41)
(−1.83)
(−2.55)
(−1.97)
Eply
0.257
0.0591
0.334
0.0643
(6.97)
(2.95)
(5.60)
(4.21)
Urban
0.0167
−0.00238
0.00779
0.00290
(−3.50)
(−1.30)
(−0.91)
(−1.91)
(2.82)
(2.28)
(5.27)
(2.48)
Toll_Station
−1.506
0.603
1.881
0.845
(−3.71)
(3.70)
(−4.29)
(8.36)
Ltc
0.110
0.0362
0.0216
0.00475
(2.39)
(1.81)
(0.34)
(0.27)
_cons
0.195
0.209
−1.777
0.0840
(0.37)
(1.00)
(−1.47)
(0.44)
Hansen test
—
—
1
1
AR test
—
—
0.136
0.136
N
174
174
145
145
Note.Statistical significance at the 10% level; statistical significance at the 5% level; statistical significance at the 1% level. The t-statistics calculated with the standard error of heteroscedasticity are reported in brackets.
