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 9
Stability test.
Substitution variable
Budding enterprise
Mature enterprise
SME
Large-scale enterprise
Product
Process
Product
Process
Product
Process
Product
Process
Product
Process
Internal financing-1
0.116
0.118
(0.81)
(0.58)
External financing-1
0.00885
0.0140
(1.94)
(1.92)
Internal financing
0.589
0.650
0.482
0.294
0.649
1.048
0.616
1.867
(2.90)
(3.08)
(1.15)
(0.75)
(2.40)
(3.28)
(2.44)
(1.12)
External financing
0.0152
0.0227
0.0165
0.0189
0.0182
0.0323
0.0178
−0.0190
(3.10)
(3.85)
(2.01)
(2.11)
(3.31)
(4.74)
(2.72)
(−0.74)
Age
−0.00370
0.0121
−0.00607
0.00540
(−0.57)
(1.34)
(−1.07)
(0.47)
Size
0.146
0.220
0.129
0.187
0.133
0.310
(3.00)
(2.51)
(2.99)
(3.05)
(2.94)
(4.02)
Export status of the enterprise
-0.271
-0.00198
-0.414
-0.173
-0.303
−0.382
−0.466
−0.300
−0.519
−0.376
(-2.47)
(-0.01)
(-3.82)
(-1.19)
(-2.35)
(−1.92)
(−4.53)
(−2.22)
(−3.53)
(−1.67)
International certification
0.282
0.713
0.301
0.782
0.233
0.630
0.324
0.814
0.450
0.985
(2.27)
(4.08)
(2.72)
(5.74)
(1.72)
(3.46)
(3.38)
(6.98)
(2.56)
(3.85)
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
846
631
956
875
659
500
1,083
1,001
505
302
Note. ∗, ∗∗, and ∗∗∗ indicate it is statistically significant at the levels of 1%, 5%, and 10%, respectively.
