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 7
Specific financing methods and technological innovation of enterprises.
Product innovation
Process innovation
Internal financing
0.348
0.363
(2.90)
(2.50)
Bank loans
0.160
0.119
(4.68)
(2.69)
Nonbank loans
0.0293
0.368
(0.41)
(2.95)
Commercial credit
0.0883
0.117
(2.08)
(3.90)
Equity financing
−0.0357
0.115
(−0.45)
(1.05)
Other loans: informal financing
0.0186
−0.0714
(0.25)
(−0.79)
Size
0.133
0.231
(4.19)
(4.84)
Age
−0.00795
0.00412
(−1.89)
(0.61)
Export status of the enterprise
−0.356
−0.238
(−4.34)
(−2.08)
International certification
0.240
0.685
(2.76)
(6.31)
Industry characteristic
YES
YES
Market environment
YES
YES
N
1608
1470
Note. ∗, ∗∗, and ∗∗∗ indicate it is statistically significant at the levels of 1%, 5%, and 10%, respectively.
