The regression results of Equation

The regression results of Equation (5), (6) and (7) are presented in Table 10. The first three columns exhibit random-effect model results while the last three columns report fixed-effect model results. The slope coefficients of interaction terms between RCBs establishment and industry growth are significantly positive at 1% and 5% significance level under two models, which imply the positive impact of RCB establishment on industry capital allocation efficiency. As for control variables, state enterprises proportion and economic openness have significantly positive impact while the loan-to-deposit ratio has insignificant influence. These are consistent with the investigation on the impact of total capital allocation efficiency.