Impact of HIC on Enterprise Efficiency: Evidence from Fixed Effects Regression

Column (1) presents the regression results after controlling for individual and time fixation effects. The coefficient of HIC on efficiency is positive and statistically significant at the 10% level, suggesting that HIC can enhance the input-output efficiency of enterprises. However, it is worth noting that there may be other factors, such as industry characteristics and regional policies, that could influence the results. To address this concern, we include regional and industry fixed effects in the regression analysis. Column (2) presents the results under these more stringent fixed effect conditions, and the coefficient of HIC on efficiency remains significantly positive.