Enterprise Financing Mode and Technological Innovation Behavior Selection: An Empirical Analysis Based on the Data of the World Bank’s Survey of Chinese Private Enterprises

Table 6

Regression of financing methods to technological innovation behavior of private enterprises.

	Product innovation	Process innovation
Internal financing	0.580	0.577
	(3.24)	(3.13)
External financing	0.0158	0.0208
	(3.88)	(4.38)
Size	0.131	0.233
	(4.12)	(4.86)
Age	−0.00796	0.00405
	(−1.89)	(0.60)
Export status of the enterprise	−0.353	−0.243
	(−4.30)	(−2.12)
Degree of informatization	−0.0758	−0.00549
	(−1.42)	(−0.08)
International certification	0.255	0.680
	(2.91)	(6.22)
Industry characteristic	Yes	Yes
Market environment	Yes	Yes
N	1606	1468

Note. ∗, ∗∗, and ∗∗∗ indicate it is statistically significant at the levels of 1%, 5%, and 10%, respectively. Market environment refers to the fixed effect of the city; industry characteristic refers to the fixed effect of the industry. They are same as below and therefore will not be repeated in this paper.