Empirical Analysis of Customer Risk and Corporate Financing Constraints Based on Supply Chain Networks

Table 11

Two-stage least squares regression results 1.

	(1)	(2)	(3)
	Risk	RiskCashFlow	Invest
L.risk	0.8147	−0.0002
	(13.90)	(-0.05)
L.riskCashFlow	−1.1793	0.6611
	(−1.55)	(3.35)
Risk			0.0847
			(1.42)
RiskCashFlow			1.6162
			(2.52)
Control	Yes	Yes	Yes
Constant	0.0404	0.0016	0.1400
	(2.21)	(1.17)	(4.35)
Year	Yes	Yes	Yes
Industry	Yes	Yes	Yes
N	485	485	485
R^2	0.6173	0.6185	0.2351

Note. , , and indicate that the test coefficients are significant at the 1%, 5%, and 10% levels, respectively, and in parentheses, it displays the value t.