Internet Penetration and Regional Financial Development in China: Empirical Evidence Based on Chinese Provincial Panel Data

Table 6

The degree of participation in the securities market and the level of Internet development.

Stock market participation willingness	Per capital account opening	Number of new accounts per capital	Securities trading volume/per capital disposable income	Stock trading volume/per capital disposable income
	Fixed	Fixed	Random two	Random two
	Regional effect	Regional effect
Intercept	‒3.4511	‒1.3004	1.6971	4.4866
	2.0329	3.0475	1.3694	1.1683
Internet penetration rate	‒0.7267	‒1.4707	‒0.4345	‒0.1520
	0.3116	0.4671	0.2100	0.0760
Education level (average)	0.0832	1.6813	0.8162	0.6355
	0.2509	0.3761	0.1839	0.1790
Per capital GDP	1.0243	1.3385	‒0.3236	‒0.19053
	0.2306	0.3457	0.1549	0.1361
Per capital disposable income	0.6551	‒1.7969	—	—
	0.4444	0.6661
Per capital property holding level	—	—	‒0.4345	‒0.3655
			0.2344	0.2443
Household consumption level	‒0.6267	0.6440	‒0.4480	‒0.78902
	0.3767	0.5647	0.2095	0.1652
R^2	0.9596	0.9061	0.1053	0.1298
Observations	232	232	232	232

Note. (1) ^∗, ^∗∗, and ^∗∗∗ represent significance at levels of 10%, 5%, and 1%, respectively; (2) the standard error is presented below the coefficient.