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

Table 4

Regression results of enterprise characteristics heterogeneity.

	Industry concentration		Enterprise life cycle
	(1)	(2)	(3)	(4)	(5)
	High concentration	Low concentration	Growth period	Maturity period	Decline period
	Greeninno	Greeninno	Greeninno	Greeninno	Greeninno
L.Dfina	0.0240	0.6299	0.6177	0.1499	0.3642
	(1.076)	(2.669)	(3.143)	(0.570)	(0.941)
Control variables	Yes	Yes	Yes	Yes	Yes
Time effect	Yes	Yes	Yes	Yes	Yes
Industry effect	Yes	Yes	Yes	Yes	Yes
_Cons	−3.3781	−2.6101	−3.0994	−3.5479	−2.8016
	(−7.803)	(−5.590)	(−6.295)	(−5.985)	(−2.748)
N	1131	1367	2303	1771	739
r2_a	0.2119	0.1021	0.1294	0.1490	0.0712

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