The Impact of Fintech on Corporate Technology Innovation Based on Driving Effects, Mechanism Identification, and Heterogeneity Analysis

Table 7

Heterogeneity analysis.

	(1)	(2)	(3)	(4)	(5)	(6)
	Longer life span	Short life span	State-owned	Non-state-owned	Backdoor listing	IPO
Total Digital Inclusive Finance Index	0.050	0.222	0.366	−0.038	0.099	0.117
	(0.87)	(5.54)	(5.14)	(−1.13)	(1.68)	(3.13)
_cons	−1.515	−12.721	4.912	2.623	−0.822	−7.753
	(−0.23)	(−3.00)	(0.46)	(0.78)	(−0.15)	(−1.87)
Control variable	Yes	Yes	Yes	Yes	Yes	Yes
Time effects	Yes	Yes	Yes	Yes	Yes	Yes
Individual effect	Yes	Yes	Yes	Yes	Yes	Yes
N	11678	13602	9020	16260	1140	24140
R^2	0.011	0.037	0.028	0.014	0.077	0.019