Research on the Impact of Innovative City Construction on Financial Development: Evidence from China

Table 2

Estimated results of the baseline regression.

	(1)	(2)	(3)	(4)	(5)	(6)
	lndepo	lnload	lnfinjob	lndepo	lnload	lnfinjob
hsr	0.1085	0.1431	0.1103	0.1020	0.1164	0.0981
	(2.97)	(4.32)	(3.58)	(3.18)	(3.74)	(3.31)
Lngdp				0.2200	0.0549	0.1037
				(6.70)	(1.70)	(2.47)
Lnpop				0.0396	0.0127	0.0681
				(2.33)	(1.25)	(3.13)
lnfdi				0.0187	0.0024	−0.0115
				(2.80)	(0.51)	(−2.00)
Lnrlzb				0.0538	−0.0234	0.0023
				(1.97)	(−0.77)	(0.09)
Lntech				0.1462	0.1305	0.0566
				(4.58)	(3.91)	(1.93)
lnintel				0.0034	0.0669	−0.0095
				(0.24)	(3.13)	(−0.71)
Inds				0.0006	−0.0018	0.0005
				(0.37)	(−1.11)	(0.35)
_cons	15.4532	14.9535	9.1552	9.4362	12.6854	6.6013
	(910.55)	(1172.54)	(797.51)	(12.11)	(16.23)	(7.25)
City-fixed	Yes	Yes	Yes	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes	Yes	Yes	Yes
N	3055	3055	3055	3055	3055	3055
R^2	0.8303	0.9675	0.5599	0.8512	0.9698	0.5608

Note. T statistics are in parentheses. , , and .