HIC and Enterprise Input-Output Efficiency: A Fixed-Effects Regression Analysis

This paper investigates the impact of HIC on enterprise input-output efficiency using a fixed-effects regression analysis. Column (1) presents the regression results after controlling for individual and time fixation. The coefficient of HIC to efficiency is positive and statistically significant at the 10% level, suggesting that HIC can potentially enhance the input-output efficiency of enterprises. To address potential confounding factors, this paper considers additional control variables such as industry characteristics and regional policies. Moreover, column (2) presents the regression results with regional and industry fixed effects included. Even under these more stringent conditions, the coefficient of HIC to efficiency remains significantly positive.