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

Table 6

Regression results of customer risk and corporate financing constraints.

	(1)	(2)
	Invest	Invest
Cash flow	0.0832	0.0690
	(20.16)	(2.48)
Risk		0.0353
		(1.50)
RiskCashFlow		0.8925
		(2.27)
Hold	0.0027	0.0203
	(1.41)	(2.06)
Std	0.0036	0.0096
	(6.35)	(3.30)
Msh	0.0253	0.0347
	(16.59)	(4.75)
ROA	0.0417	0.0520
	(8.43)	(2.03)
Growth	0.0007	−0.0020
	(1.85)	(−0.55)
Age	−0.0143	−0.0077
	(−16.64)	(−1.89)
KHROA		0.0945
		(2.91)
KHAge		0.0056
		(1.24)
Constant	0.1005	0.0982
	(28.68)	(2.97)
Year	Yes	Yes
Industry	Yes	Yes
N	28391	1089
R^2	0.1508	0.2101

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.