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 8
External financing method and technological innovation of enterprises.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Product
Process
Product
Process
Product
Process
Product
Process
Product
Process
Bank loans
0.118
0.133
(3.96)
(3.04)
Commercial credit
0.0629
0.217
(1.61)
(3.95)
Nonbank loans
−0.0393
0.260
(−0.60)
(2.37)
Equity financing
−0.0583
0.151
Other loans: informal financing
0.149
0.0198
(1.40)
(0.21)
Size
0.114
0.224
0.137
0.257
0.140
0.256
0.138
0.244
0.556
0.255
(3.55)
(4.33)
(4.35)
(5.01)
(4.45)
(5.03)
(4.39)
(4.88)
(4.92)
(5.00)
Age
−0.0783
0.179
−0.0949
0.173
−0.0930
0.158
−0.0790
0.149
0.575
0.166
(−1.03)
(1.64)
(−1.25)
(1.58)
(−1.22)
(1.46)
(−1.05)
(1.40)
(5.11)
(1.53)
Export status of the enterprise
−0.297
−0.137
−0.323
−0.153
−0.344
−0.154
−0.346
−0.166
0.124
−0.151
(−3.57)
(−1.14)
(−3.91)
(−1.26)
(−4.15)
(−1.29)
(−4.25)
(−1.42)
(0.48)
(−1.26)
International certification
0.212
0.631
0.222
0.652
0.196
0.631
0.223
0.575
0.525
0.623
(2.41)
(5.51)
(2.53)
(5.66)
(2.22)
(5.52)
(2.55)
(5.11)
(2.23)
(5.47)
Degree of informatization
0.440
−0.267
0.552
−0.131
0.549
−0.119
0.547
−0.236
0.300
−0.130
(1.85)
(−0.78)
(2.33)
(−0.39)
(2.32)
(−0.35)
(2.35)
(−0.72)
(0.44)
(−0.39)
Industry characteristic
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
Market environment
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
N
1,554
1,268
1,555
1,268
1,552
1,267
1,590
1,303
296
1,266
Note. ∗, ∗∗, and ∗∗∗ indicate it is statistically significant at the levels of 1%, 5%, and 10%, respectively.
