Determinants of Investment Timing of Government Venture Capital Guiding Funds in China

Table 3

Correlation matrix.

	TIME	AREA	PATENT	POWER	EQUITY	AGE	CAPITAL	ASSET	LIA	REV
TIME	1
AREA	−0.050	1
PATENT	0.148	0.036	1
POWER	0.220	0.185	0.017	1
EQUITY	−0.147	−0.065	−0.086	−0.099	1
AGE	0.469	0.157	0.056	0.173	−0.111	1
CAPITAL	0.130	0.093	−0.058	0.237	0.348	0.093	1
ASSET	0.195	0.131	−0.012	0.063	0.294	0.175	0.479	1
LIA	0.035	−0.078	0.014	−0.041	0.044	0.0530	0.055	0.188	1
REV	0.121	−0.019	−0.013	−0.035	0.011	0.198	0.035	0.096	0.006	1

Note: variable definitions are in Table 3. , , and indicate significance at 10%, 5%, and 1%, respectively.