Note(s): This table reports the results from OLS regressions of the mechanism test, among which, we select the financing constraints variable SA and R&D investment RD as intermediary variables. See Table 1 for detailed descriptions of all variables. All specifications include year and industry fixed effects. Standard errors after robust adjustment are clustered at the firm-year level. The t-value is in parentheses. ***, ** and * indicate statistical significance at the 0.01, 0.05 and 0.10 levels, respectively (two-tailed tests)