Internet Penetration and Regional Financial Development in China: Empirical Evidence Based on Chinese Provincial Panel Data
Table 5
Financial business and Internet development level.
Financial industry development
Stock market
Other financial industries
Securities transaction amount
Stock trading volume
Stock market value
Bank loan
Bank savings
Insurance
Gross output value
Random two
Random two
Fixed effects
Fixed effects
Fixed effects
Fixed effects
Fixed effects
Intercept
3.0695
12.4553
‒2.0268
4.3139
1.4567
‒4.1735
2.1978
3.0951
2.3480
4.3409
0.7632
1.3703
0.9313
1.6412
Internet penetration rate
0.0803
0.6074
0.8466
0.9769
0.7468
0.5345
1.0068
0.3388
0.2273
0.7302
0.1284
0.2305
0.1567
0.2761
Education level (average)
0.6678
0.5177
1.3936
0.3926
0.2247
0.2741
0.4893
0.2364
0.1556
0.5772
0.1015
0.1822
0.1238
0.2183
Per capital GDP
0.4828
0.1384
0.9055
0.2099
0.4597
0.6815
0.2971
0.2289
0.1515
0.5662
0.0995
0.1787
0.1215
0.2141
Resident per capital disposable income
0.9134
‒0.1819
2.4646
‒0.1646
0.1207
0.5220
0.7495
0.4539
0.3100
1.0343
0.1819
0.3265
0.2219
0.3910
Household consumption level
0.5110
0.8745
‒1.8895
0.7103
0.3886
‒0.0932
‒0.0617
0.3565
0.2400
0.8802
0.1548
0.2778
0.1888
0.3328
R2
0.2434
0.1859
0.8781
0.9926
0.9790
0.9916
0.9710
Observations
270
270
270
270
270
270
270
Note, (1) ∗, ∗∗, and ∗∗∗ represent significance at the levels of 10%, 5%, and 1%, respectively; (2) the standard error is presented below the coefficient.
