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

Table 12

Two-stage least squares regression results 2.

	(1)	(2)	(3)
	Risk	RiskCashFlow	Invest
OC	0.0502	−0.0036
	(2.43)	(−1.82)
OCCashFlow	−0.0781	0.0591
	(−1.63)	(6.40)
Risk			0.1053
			(0.33)
RiskCashFlow			2.4237
			(3.39)
Control	Yes	Yes	Yes
Constant	0.0973	0.0001	0.0344
	(2.12)	(0.02)	(0.74)
Year	Yes	Yes	Yes
Industry	Yes	Yes	Yes
N	855	855	855
R^2	0.0732	0.2716	0.1756

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.