Note(s): This table presents subsample analyses by dividing our matched sample into firms focusing on general trade and those focusing on processing trade. In Panel A, we present results based on our baseline sample. In Panel B, we match all government subsidies regardless of the amount and replace the treatment dummy (TREAT) with the subsidy ratio (SUBRATIO), calculated as the subsidy amount divided by annual sales. The model includes firm and year fixed effects and firm-level control variables. All continuous variables are winsorized at the 1st and 99th percentiles. Presented in the parentheses below each coefficient is the t-value based on standard errors clustered by firm. Constant terms are estimated but omitted for presentation. ^***, ^** and ^* represent statistical significance at the 1, 5 and 10% levels, respectively