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Table 3 The quantile regression results of financial efficiency

From: Transfer payment structure and local government fiscal efficiency: evidence from China

Variable Model 1: quantile regression of panel data Model 2: quantile regression of mix data
0.1 0..25 0.5 0.75 0.9 0.1 0..25 0.5 0.75 0.9
Constant −19.01119
(−1.58913)
−26.3694***
(−3.78311)
−12.36654*
(−1.80535)
29.08985***
(4.09741)
25.00064
(1.50226)
14.48595
(1.09793)
−12.44011
(−0.46223)
11.03235
(0.30328)
5.14809
(0.20617)
11.27833
(0.48578)
Proportion of tax refund 0.57745***
(7.16811)
0.62308***
(7.40576)
0.57892***
(8.89608)
0.37847***
(4.29930)
0.29948***
(3.65326)
0.77165***
(11.04981)
0.84927***
(5.96192)
0.66690***
(3.46371)
0.47226***
(3.57324)
0.55524***
(4.51839)
Proportion of condition grant       −0.04243
(−0.84644)
−0.05498
(−0.53771)
−0.03732
(−0.27000)
−0.03284
(−0.34614)
−0.15146*
(−1.71711)
Proportion of financial transfer payment −0.03355**
(−2.33520)
−0.00329
(−0.76149)
−0.00615
(−1.42557)
−0.01595***
(−4.57422)
−0.01659***
(−2.63667)
−0.04624***
(−8.51703)
−0.02966***
(−2.67888)
−0.00898
(−0.60005)
−0.00517
(−0.50325)
−0.00566
(−0.59198)
Population density −0.40781**
(−2.05557)
−0.44742*
(−1.91752)
0.03264
(0.10537)
1.22461***
(3.85641)
1.66547***
(4.09892)
−0.19289
(−0.90525)
−0.45290
(−1.04199)
0.62253
(1.05963)
1.94916***
(4.83338)
2.38806***
(6.36897)
Per capita GDP −10.62017
(−2.69518)
−9.38714**
(−2.41739)
−6.48708
(−1.34878)
3.02845
(0.61234)
8.40883*
(1.96650)
−15.4897***
(−4.53204)
−11.89780*
(−1.70657)
5.83165
(0.61885)
4.95819
(0.76652)
−2.43753
(−0.40529)
Education level 7.38000***
(7.12654)
7.62204***
(9.66954)
7.17285***
(8.94870)
4.32834***
(5.80688)
4.19406**
(2.48495)
5.34559***
(3.83007)
8.94833***
(3.14309)
6.73494*
(1.75020)
7.25184***
(2.74541)
8.36351***
(3.40539)
Proportion of budget revenue 0.19619***
(3.41957)
0.22834***
(4.09420)
0.17623***
(4.32710)
0.09363
(1.37880)
0.23452***
(4.27094)
0.21537***
(2.69728)
0.06624
(0.40670)
−0.09188
(−0.41734)
0.06410
(0.42415)
−0.02393
(−0.17032)
Degree of marketization 0.05296
(0.38798)
0.11786
(0.96446)
−0.18009
(−1.52762)
−0.64916***
(−4.83944)
−0.65869
(−4.43159)
0.04206
(0.28911)
−0.39348
(−1.32601)
−1.00761**
(−2.51221)
−0.83117***
(−3.01896)
−0.90470
(−3.53417)
R 2 0.76170 0.69668 0.64870 0.61091 0.58495 0.65890 0.54643 0.55378 0.57853 0.58977
LR 372.8789 365.5931 360.6661 288.6559 180.1155 85.57791 64.21197 78.51349 71.72961 55.68724
  1. Note: the t statistic is in the bracket. *, ** and *** refers to the significant level of 0.1, 0.05 and 0.01, respectively