The Signal Effect of New Energy Vehicles Promotion on Enterprise Innovation

Table 5

The mediation effects test of financing constraints.

Variables	Fin	Rad		Inc		Ext
	Model 14	Model 15	Model 16	Model 17	Model 18	Model 19	Model 20
Treat ^∗ Post	−0.004541; (−1.85)	0.011056; (4.49)	0.010246; (4.20)	0.012348; (3.88)	0.011223; (3.57)	0.483211; (2.68)	0.452091; (2.50)
Fin			−0.178372; (−3.27)		−0.247538; (−3.52)		−6.852492; (−1.69)
Age	−0.000149; (−0.05)	0.003807; (1.19)	0.003781; (1.19)	0.001348; (0.33)	0.001311; (0.32)	−0.356127; (−1.51)	−0.357148; (−1.52)
Size	0.000891; (3.26)	0.000187; (0.68)	0.000346; (1.26)	−0.000172; (−0.49)	0.000049; (0.14)	0.033943; (1.69)	0.040050; (1.97)
Sub	0.003289; (4.76)	0.001136; (1.64)	0.001723; (2.44)	0.000921; (1.03)	0.001735; (1.91)	−0.002802; (−0.06)	0.019738; (0.38)
Lev	−0.003606; (−1.13)	0.000311; (0.10)	−0.000333; (−0.11)	0.002428; (0.59)	0.001535; (0.38)	0.105016; (0.45)	0.080308; (0.34)
Sta	−0.000508; (−0.68)	0.002611; (3.50)	0.002520; (3.43)	0.004092; (4.25)	0.003966; (4.19)	0.005842; (0.11)	0.002361; (0.04)
N	334	334	334	334	334	334	334
R-squared	0.1360	0.1048	0.1331	0.1098	0.1424	0.0313	0.0397

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