Does Digital Finance Induce Improved Financing for Green Technological Innovation in China?

Table 3

Regression results of financing heterogeneity.

	Financing constraints		Financial leverage
	(1)	(2)	(3)	(4)
	High financing constraint	Low financing constraints	High financial leverage	Low financial leverage
	Greeninno	Greeninno	Greeninno	Greeninno
L.Dfina	0.4495	0.2820	0.8576	-0.1621
	(2.527)	(1.170)	(4.822)	(-0.709)
Control variables	Yes	Yes	Yes	Yes
Time effect	Yes	Yes	Yes	Yes
Industry effect	Yes	Yes	Yes	Yes
_Cons	−2.7317	−3.6914	−4.2192	−0.3192
	(−5.933)	(−6.805)	(−9.925)	(−0.504)
N	2791	2169	2705	2255
r2_a	0.13281	0.1797	0.1963	0.0649

t statistics in parentheses;  < 0.1,  < 0.05,  < 0.01.