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

Table 4

Multiple regression results of full sample.

	M1	M2	M3
AREA		−0.6819	−1.7073
		(1.52)	(2.50)
PATENT		0.0048	0.0055
		(1.23)	(3.48)
POWER		1.7396	1.3976
		(3.58)	(1.92)
EQUITY		0.0006	0.0413
		(0.02)	(0.57)
AREA EQUITY		−0.1635	−0.1988
		(−2.44)	(−1.96)
AGE	0.7592		0.8027
	(5.61)		(5.26)
CAPITAL	0.0000		0.0000
	(1.23)		(0.88)
ASSET	0.0000		0.0000
	(0.47)		(0.04)
LIA	−1.1843		−0.7432
	(−1.16)		(−0.73)
REV	1.1119		1.1568
	2.11		(2.08)
N	207	207	207
Pseudo R2	0.5676	0.0769	0.6036
	0.0000	0.0000	0.0000

Note: variable definitions are in Table 4. , , and indicate significance at 10%, 5%, and 1%, respectively.