Table 5 Heterogeneity analysis—whether it is an economically developed region

HSR

0.107**

0.110**

0.284***

0.241***

(2.40)

(2.35)

(3.93)

(3.28)

LCCP

0.232***

0.245***

0.305**

0.060

(3.51)

(2.60)

(2.42)

(0.26)

HSR#LCCP

0.019**

0.348*

(2.24)

(1.75)

ED

0.107***

0.106***

− 0.047

− 0.038

(2.75)

(2.71)

(− 0.50)

(− 0.41)

GS

0.045***

0.045***

0.031*

0.031*

(3.78)

(3.78)

(1.85)

(1.85)

FD

− 0.232

− 0.234

− 0.577**

− 0.551**

(− 1.49)

(− 1.49)

(− 2.35)

(− 2.23)

FI

− 0.065

− 0.065

− 0.013

− 0.017

(− 1.64)

(− 1.64)

(− 0.24)

(− 0.31)

ID

0.181***

0.181***

0.189**

0.194**

(2.78)

(2.77)

(2.31)

(2.38)

Constant

− 2.757***

− 2.752***

− 1.511

− 1.596

(− 5.13)

(− 5.09)

(− 1.48)

(− 1.56)

Observations

3,432

3,432

3,432

3,432

R-squared

0.664

0.664

0.392

0.393

Number of cities

286

286

286

286

City FE

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes