Influence Mechanism of Marketization Process and Financial Technology Development on Enterprise Investment Preference Based on Threshold Model

Table 6

Baseline regression results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	RD	PE	EQ	RD	PE	EQ
Market	0.000	−0.018	0.005
	(2.88)	(−8.45)	(4.16)
Fintech				0.009	−0.227	0.059
				(7.05)	(−13.46)	(6.25)
Size	0.003	−0.007	0.045	0.003	−0.004	0.044
	(11.11)	(−1.87)	(22.33)	(10.70)	(−1.18)	(22.03)
Lev	−0.000	−0.001	−0.002	−0.000	−0.001	−0.002
	(−9.76)	(−3.94)	(−10.91)	(−10.14)	(−3.10)	(−11.38)
Loan	0.008	0.625	0.140	0.009	0.597	0.148
	(2.75)	(16.10)	(6.54)	(3.14)	(15.42)	(6.86)
Growth	0.009	−0.757	−0.135	0.008	−0.747	−0.137
	(7.02)	(−47.38)	(−15.22)	(6.56)	(−46.92)	(−15.48)
Quick	0.001	−0.009	−0.013	0.001	−0.008	−0.013
	(6.46)	(−4.35)	(−10.22)	(6.24)	(−3.86)	(−10.45)
Adm	0.004	0.010	0.005	0.004	0.011	0.005
	(85.25)	(17.99)	(15.35)	(84.48)	(19.06)	(14.81)
Lart	−0.003	0.194	0.029	−0.003	0.191	0.029
	(−5.99)	(27.26)	(7.35)	(−5.71)	(26.97)	(7.50)
Top5	−0.000	0.001	−0.001	−0.000	0.001	−0.001
	(−2.34)	(4.38)	(−8.77)	(−2.72)	(4.86)	(−8.96)
Year/Ind	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−0.039	0.704	−0.839	−0.047	0.856	−0.878
	(−6.66)	(9.08)	(−19.43)	(−7.86)	(10.90)	(−19.96)
Observations	11,655	11,655	11,655	11,655	11,655	11,655

Note. t values are given in parentheses; , , and indicate significance at 1%, 5%, and 10% significance levels, respectively.