The Impact of Fintech on Corporate Technology Innovation Based on Driving Effects, Mechanism Identification, and Heterogeneity Analysis
Table 1
Baseline regression results.
(1)
(2)
(3)
(4)
(5)
(6)
Number of patent applications
Number of utility model patent applications
Total Digital Inclusive Finance Index
0.113
0.212
(3.09)
(3.34)
Digital inclusive finance coverage breadth index
0.136
0.250
(2.26)
(2.40)
Digital inclusive finance usage depth index
0.057
0.084
(2.97)
(2.50)
_cons
−7.415
−8.694
−5.153
−18.783
−20.939
−13.049
(−1.79)
(−1.79)
(−1.33)
(−2.62)
(−2.49)
(−1.94)
Control variable
Yes
Yes
Yes
Yes
Yes
Yes
Individual effect
Yes
Yes
Yes
Yes
Yes
Yes
Time effects
Yes
Yes
Yes
Yes
Yes
Yes
N
24711
24711
24711
24711
24711
24711
R2
0.019
0.019
0.019
0.029
0.029
0.029
Note: the marginal effects of each explanatory variable are reported in the table. The t-values are in parentheses. ,, and indicate significance at the 1%, 5%, and 10% levels, respectively. Subsequent tables are consistent with this table.
