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

Table 9

Summary table of robustness test 2.

	(1)	(2)
	Invest	Invest
CashFlow	0.0260	0.0620
	(0.69)	(1.40)
Risk	0.0119	0.0805
	(0.42)	(2.49)
RiskCashFlow	1.5114	0.9565
	(3.06)	(1.90)
Hold	0.0142	0.0042
	(1.15)	(0.25)
Std	0.0099	0.0092
	(3.19)	(2.63)
Msh	0.0401	0.0273
	(4.80)	(2.49)
ROA	0.0252	−0.0070
	(0.66)	(−0.11)
Growth	−0.0081	0.0010
	(−1.51)	(0.19)
Age	−0.0081	−0.0070
	(−1.60)	(−1.18)
KHROA	0.0550	0.0435
	(1.38)	(0.84)
KHAge	0.0112	−0.0023
	(2.04)	(−0.33)
Constant	0.0169	0.1110
	(0.56)	(1.93)
Year	Yes	Yes
Industry	Yes	Yes
N	694	439
R^2	0.1644	0.2015

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.