Robustness test results.

Robustness test results.</p

The test results of baseline regression and the mediating effect.

The test results of baseline regression and the mediating effect.</p

The regression results of the endogeneity problem.

The regression results of the endogeneity problem.</p

Definition of primary variables and descriptive statistics.

Definition of primary variables and descriptive statistics.</p

Descriptive statistics of the main variables.

Descriptive statistics of the main variables.</p

The regression results of the endogeneity problem.

The regression results of the endogeneity problem.</p

Endogeneity treatment: Two-stage least squares instrumental variables method.

Endogeneity treatment: Two-stage least squares instrumental variables method.</p

2011–2018 number of prefecture-level cities by threshold.

2011–2018 number of prefecture-level cities by threshold.</p

Estimation results of the basic model.

Estimation results of the basic model.</p

Regression results of companies’ property rights and geographic heterogeneity.

Regression results of companies’ property rights and geographic heterogeneity.</p