Evaluation and Influence of Chinese Enterprises' Financial Efficiency Based on the Malmquist Index

Table 5

Regression results of influencing factors on financial efficiency based on the spatial Durbin model.

		Coef.	Std. err.		>||	(95% conf. interval)
Min		0.0448	0.1434	0.31	0.754	−0.2361	0.3258
		0.0006	0.0003	18.78	0.000	0.0005	0.0006
		−0.2393	0.2388	−1.00	0.316	−0.7074	0.2287
		0.3143	0.0782	4.01	0.000	0.1608	0.4677
		−0.1638	0.1015	−1.61	0.107	−0.3628	0.0352
		−0.1348	0.0885	−1.52	0.128	−0.3083	0.0386
		−0.3375	0.1092	−3.09	0.002	−0.5517	−0.1234
Wx		−2.4826	0.4758	−5.22	0.000	−3.4151	−1.5499
		0.0001	0.0002	0.78	0.438	−0.0002	0.0004
		3.6954	0.6307	5.86	0.000	2.4592	4.9316
		−0.7251	0.2087	−3.47	0.001	−1.1341	−0.3161
		−0.0534	0.6730	−0.08	0.937	−1.3725	1.2657
		0.0064	0.1529	0.04	0.967	−0.2933	0.3061
		0.9787	0.1991	4.91	0000	0.5884	1.3689
Spatial	rho	−0.2604	0.1761	−1.48	0.139	−0.6056	0.0848
Variance	sigma2_e	0.1128	0.0081	13.94	0.000	0.0969	0.1286
LR_Direct		0.0803	0.1491	0.54	0.590	−0.2119	0.3725
		0.0006	0.0003	18.99	0.000	0.0005	0.0006
		−0.2693	0.2404	−1.12	0.263	−0.7405	0.2019
		0.3227	0.0764	4.22	0.000	0.1730	0.4724
		−0.1655^∗	0.0957	−1.73	0.084	−0.3530	0.0221
		−0.1352	0.0859	−1.57	0.116	−0.3037	0.0334
		−0.3514	0.1122	−3.13	0.002	−0.5713	−0.1316
LR_Indirect		−2.0160	0.3406	−5.92	0.000	−2.6837	−1.3483
		−0.0000	0.0001	0.20	0.845	−0.0002	0.0002
		3.0108	0.4361	6.90	0.000	2.1559	3.8656
		−0.6472	0.1773	−3.65	0.000	−0.9948	−0.2997
		−0.0087	0.5402	−0.02	0.987	−1.0676	1.0501
		0.0260	0.1312	0.20	0.843	−0.2312	0.2833
		0.8655	0.1722	5.02	0.000	0.5278	1.2032
LR_Total		−1.9357	0.3152	−6.14	0.000	−2.5536	−1.3177
		0.0006	0.0009	5.99	0.000	0.0004	0.0007
		2.7415	0.3556	7.71	0.000	2.0444	3.4385
		−0.3245	0.1552	−2.09	0.037	−0.6287	−0.0203
		−0.1742	0.5552	−0.31	0.754	−1.2624	0.9140
		−0.1092	0.1043	−1.05	0.295	−0.3136	0.0953
		0.5141	0.1312	3.92	0.000	0.2568	0.7714

Note. The data with , , and in the table indicate, respectively, < 0.10, < 0.05, and < 0.01.