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

Table 9

Threshold effect regression results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	RD	PE	EQ	RD	PE	EQ
Market _×_ sub	0.000	−0.034	0.014
	(0.71)	(−10.12)	(8.70)
Market _×_ sub	0.000	−0.031	0.013
	(1.71)	(−9.34)	(7.87)
Market _×_ sub		−0.026
		(−7.30)
Fintech_×_ sub				−0.000	−0.054	0.033
				(−0.92)	(−9.20)	(10.80)
Fintech_×_ sub				0.000	−0.042	0.025
				(0.94)	(−7.26)	(9.05)
Fintech_×_ sub				0.001	−0.023
				(3.09)	(−3.29)
Control	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−0.088	1.568	−0.170	−0.077	1.385	−0.016
	(−9.83)	(13.51)	(−3.04)	(−7.69)	(10.89)	(−0.27)
Observations	11,655	11,655	11,655	11,655	11,655	11,655
R-squared	0.340	0.273	0.090	0.342	0.271	0.093
Number of code	1,665	1,665	1,665	1,665	1,665	1,665
r2_a	0.230	0.151	−0.0630	0.232	0.149	−0.0596
F	515.0	340.6	98.35	471.7	337.8	101.9