Comparative Studies on Trade and Value-Added Trade along the “Belt and Road”: A Network Analysis

Table 3

QAP regression result of the trade network and the VAT network in 2015.

Variables
	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)
Intercept	−55.33	−53.28	−54.69	−24.55	−21.08	−22.10
	−0.206			−0.349
	4.092	3.914	3.914	2.167	1.865	1.839
	−0.929	−0.949	−0.955	−0.481	−0.515	−0.506
	−1.431	−1.474	−1.318	0.062	−0.011	0.139
	−1.634	−1.660		−1.182	−1.226
	3.534	3.565	3.852	0.803	0.856	0.980
	0.750	0.765		−0.321	−0.294
R^2	0.461	0.460	0.455	0.370	0.346	0.333
Adjusted R^2	0.461	0.459	0.455	0.369	0.345	0.332
Number of observations	3906	3906	3906	3906	3906	3906

Note., , and , respectively, indicate significance at 1%, 5%, and 10%.