The Signal Effect of New Energy Vehicles Promotion on Enterprise Innovation

Table 4

The mediation effects test of corporate profits.

Variables	Profit	Rad		Inc		Ext
	Model 7	Model 8	Model 9	Model 10	Model 11	Model 12	Model 13
Treat ^∗ Post	3.211800; (2.72)	0.011056; (4.49)	0.009565; (3.93)	0.012348; (3.88)	0.011338; (3.55)	0.483211; (2.68)	0.318741; (1.85)
Profit			0.000464; (4.13)		0.000314; (2.13)		0.051208; (6.43)
Age	−1.131982; (−0.73)	0.003807; (1.19)	0.004333; (1.38)	0.001348; (0.33)	0.001704; (0.41)	−0.356128; (−1.51)	−0.298161; (−1.34)
Size	0.150109; (1.14)	0.000187; (0.68)	0.000118; (0.44)	−0.000172; (−0.49)	−0.000219; (−0.62)	0.033943; (1.69)	0.026256; (1.38)
Sub	−0.340113; (−1.02)	0.001136; (1.64)	0.001294; (1.91)	0.000921; (1.03)	0.001028; (1.16)	−0.002802; (−0.06)	0.014615; (0.31)
Lev	0.583723; (0.38)	0.000311; (0.10)	0.000040; (0.01)	0.002428; (0.59)	0.002244; (0.55)	0.105016; (0.45)	0.075176; (0.34)
Sta	0.382209; (1.07)	0.002611; (3.50)	0.002433; (3.34)	0.004092; (4.25)	0.003972; (4.14)	0.005842; (0.11)	−0.013730; (−0.27)
N	334	334	334	334	334	334	334
R-squared	0.0316	0.1048	0.1493	0.1098	0.1220	0.0313	0.1404

Note: , , and represent significance at 10%, 5%, and 1% level, respectively.