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

Table 5

Multiple regression results of subsample (1).

	M1	M2	M3
AREA		−0.7697	−3.0884
		(0.85)	(1.73)
PATENT		0.0007	−0.0052
		(0.20)	(−1.95)
POWER		0.1227	−5.0786
		(0.08)	(−1.35)
EQUITY		−0.0265	−0.0854
		(−0.48)	(−0.52)
AREA EQUITY		−0.1040	−0.3813
		(−0.80)	(−1.98)
AGE	0.9370		1.2103
	(2.92)		(2.41)
CAPITAL	−0.0000		−0.0000
	(−0.01)		(−0.55)
ASSET	0.0000		0.0000
	(0.64)		(0.12)
LIA	−0.3341		2.5877
	(−0.15)		(0.57)
REV	2.1221		4.0636
	(2.08)		(2.30)
N	81	81	81
Pseudo R2	0.5938	0.641	0.6731
	0.6175	0.5172	0.6687

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