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

Table 6

Multiple regression results of subsample (2).

	M1	M2	M3
AREA		−0.8889	−2.4581
		(1.50)	(2.68)
PATENT		0.0093	0.0095
		(1.21)	(3.09)
POWER		2.0059	1.9311
		(3.61)	(2.34)
EQUITY		−0.0076	0.1196
		(−0.12)	(1.10)
AREA EQUITY		−0.1883	−0.3311
		(−2.02)	(−2.00)
AGE	0.6929		0.8022
	(4.44)		(4.20)
CAPITAL	0.0000		0.0000
	(1.10)		(0.84)
ASSET	0.0000		−0.0000
	(0.74)		(−0.01)
LIA	−2.4748		−2.0229
	(−1.95)		(−1.34)
REV	0.6655		0.7680
	(0.95)		(0.92)
N	126	126	126
Pseudo R2	0.5309	0.1181	0.6140
	0.0000	0.0003	0.0000

Note: variable definitions are in Table 6. ,, and indicate significance at 10%, 5%, and 1%, respectively.