Regression results of mechanism test
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | SA | Tfp | RD | Tfp |
| SA | −0.423*** (−4.77) | |||
| RD | 3.162*** (5.06) | |||
| Interact | −0.003*** (−4.84) | 0.029*** (3.62) | 0.001*** (13.10) | 0.026*** (3.26) |
| Constant | −22.236*** (−5.41) | −9.860*** (−4.89) | −0.032*** (−8.54) | −0.359 (−1.16) |
| Controls | Yes | Yes | Yes | Yes |
| Year and Ind | Yes | Yes | Yes | Yes |
| N | 16,665 | 16,665 | 16,665 | 16,665 |
| Adj·R2 | 0.396 | 0.329 | 0.466 | 0.330 |
| F-test | 164.32*** | 118.37*** | 269.88*** | 118.02*** |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | ||||
| −0.423*** (−4.77) | ||||
| 3.162*** (5.06) | ||||
| −0.003*** (−4.84) | 0.029*** (3.62) | 0.001*** (13.10) | 0.026*** (3.26) | |
| Constant | −22.236*** (−5.41) | −9.860*** (−4.89) | −0.032*** (−8.54) | −0.359 (−1.16) |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| 16,665 | 16,665 | 16,665 | 16,665 | |
| Adj· | 0.396 | 0.329 | 0.466 | 0.330 |
| 164.32*** | 118.37*** | 269.88*** | 118.02*** |
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)
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