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

Table 5

Intermediary effect tests.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	lntechjob	lnfinjob	lnfdiqty	lnfinjob	gjh	lnfinjob	Gov	lnfinjob
hsr	0.1813	0.0801	0.0947	0.0908	0.0487	0.0931	0.0117	0.1011
	(3.94)	(2.75)	(1.44)	(3.11)	(3.47)	(5.85)	(3.69)	(3.35)
lntechjob		0.0660
		(3.89)
lnfdiqty				0.0185
				(3.00)
gjh						0.1046
						(4.83)
gov								−0.2455
								(−1.06)
_cons	4.0342	6.5172	1.0301	6.9003	−1.1594	6.7236	−0.4988	6.4772
	(3.77)	(6.89)	(0.53)	(6.94)	(−3.62)	(18.42)	(−5.46)	(7.10)
Control	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
City-fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year-fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	3055	3055	3055	3055	3055	3055	3055	3055
R^2	0.2826	0.5619	0.7153	0.5591	0.7319	0.5644	0.3982	0.5612

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