Financial Shared Services Empower the Real Economy: The Evidence from China

Table 7

Path mechanisms of financial shared services to empower the real economy (I).

		(1)		(2)	(3)	(4)		(5)		(6)		(7)		(8)		(9)
		Cost		TATR	CATR	ARTR		APTR		ITD		Bcycle		Cash		Tfp
FSSC		−0.020		0.149	0.158	10.615		−2.429		−63.709		−60.321		−64.668		0.556
		(−3.09)		(6.29)	(3.15)	(1.71)		(−6.70)		(−7.76)		(−6.51)		(−7.51)		(7.41)
Size		0.001		0.001	0.084	−4.750		−0.052		−7.386		−15.766		−12.975		0.243
		(0.22)		(0.19)	(7.82)	(−3.97)		(−0.41)		(−2.10)		(−4.29)		(−3.78)		(17.16)
Lev		0.274		0.370	0.603	27.744		−6.983		82.084		118.669		51.097		0.529
		(12.22)		(13.31)	(10.38)	(4.05)		(−8.57)		(3.98)		(5.49)		(2.60)		(6.70)
Growth		−0.002		0.122	0.196	−3.622		0.626		−46.882		−48.123		−44.680		0.217
		(−0.40)		(13.74)	(11.17)	(−1.55)		(2.69)		(−5.82)		(−5.78)		(−5.89)		(7.88)
FmAge		−0.000		0.001	0.011	−0.070		0.130		2.083		−0.321		0.595		−0.001
		(−0.07)		(1.76)	(7.01)	(−0.31)		(5.80)		(3.86)		(−0.56)		(1.11)		(−0.55)
Soe		0.031		0.046	0.115	4.372		−1.174		−14.773		−23.141		−28.539		0.006
		(8.79)		(5.01)	(5.80)	(1.35)		(−4.44)		(−1.83)		(−2.74)		(−3.62)		(0.19)
Top1	0.000		0.003		0.006		0.069		0.035		0.067		−0.485		−0.276		0.004
	(1.94)		(13.75)		(10.73)		(0.81)		(5.06)		(0.33)		(−2.26)		(−1.38)		(5.37)
Ind	−0.082		−0.212		−0.101		10.824		5.519		61.657		82.224		73.578		−0.620
	(−3.64)		(−3.06)		(−0.65)		(0.53)		(2.64)		(1.16)		(1.45)		(1.38)		(−2.59)
Dual	−0.015		−0.021		−0.068		−1.591		−0.063		32.223		35.881		34.349		0.049
	(−5.11)		(−2.64)		(−4.14)		(−0.74)		(−0.25)		(5.10)		(5.25)		(5.43)		(1.80)
Board	−0.017		0.012		0.133		10.631		−0.313		−52.763		−68.818		−68.177		−0.201
	(−2.70)		(0.59)		(2.81)		(1.42)		(−0.53)		(−3.19)		(−3.91)		(−4.13)		(−2.90)
Pcm	−0.312		−0.159		−0.302		56.617		−6.442		165.841		152.534		138.218		0.174
	(−2.87)		(−2.14)		(−2.12)		(4.72)		(−4.27)		(2.58)		(2.41)		(2.62)		(1.43)
_Cons	0.730		0.405		−1.098		94.933		15.181		450.431	693.302		625.085		−5.662
	(15.31)		(3.95)		(−4.42)		(3.05)		(5.20)		(5.33)	(7.86)		(7.49)		(−17.12)
N	14865		14854		14855		14103		14838		14725	14859		14833		14855
Adj. R^2	0.396		0.296		0.285		0.148		0.080		0.570	0.518		0.518		0.316
F	235.001		170.003		175.301		19.806		63.749		113.077	108.888		103.339		157.391

T values are in brackets; ^∗∗∗, ^∗∗ and ^∗ indicate p < 0.001, p < 0.01 and p < 0.05, respectively. Due to missing data for Cost, TATR, CATR, ARTR, APTR, ITD, Bcycle, and Cash, the number of samples involved in the regression is not consistent with the total sample (same below).