Research on the Impact of Technological Finance on Financial Stability: Based on the Perspective of High-Quality Economic Growth

Table 6

Results of the robustness test on the national sample and regional samples.

	Nation	Eastern region	Middle region	Western region
TFI	0.54003	1.21137	0.76516	0.15314
	(14,10)	(4,15)	(3,04)	(3,31)
ARE	4.40161	−0.46620	−0.12247	0.03100
	(41,72)	(−2,84)	(−2,56)	(0,74)
HCL	4.40161	0.83120	−0.11656	0.15314
	(41,72)	(3,13)	(−1,47)	(3,31)
IDL	1.26605	3.16085	0.04076	−0.61352
	(13,37)	(3,34)	(0,93)	(−2,75)
C	2.32165	1.60124	0.03120	1.51499
	(5,57)	(8,68)	(0,29)	(5,08)
	0.59575	1.60448	0.79126	0.02459
	(2,99)	(7,62)	(3,88)	(8,79)
	0.4485	0.5773	0.5904	0.6540
	0.3889	0.4831	0.5324	0.5952
	−693.5411	−214.7007	12.6500	7.7109
Observed value	1950	715	520	162

Note: , and represent, respectively, passing 10%, 5%, and 1% significance level test. The bracketed figure is the Z statistic value.