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

Table 6

The mediation effect test.

	Financing costs			Financial flexibility
	(1)	(2)	(3)	(4)	(5)	(6)
	Greeninno	FC	Greeninno	Greeninno	FF	Greeninno
L.Dfina	0.3555	−0.0041	0.3154	0.3555	0.0536	0.3336
	(2.425)	(−3.602)	(2.146)	(2.425)	(2.206)	(2.269)
FC			-9.8262
			(-4.401)
FF						0.4069
						(4.244)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Time effect	Yes	Yes	Yes	Yes	Yes	Yes
Industry effect	Yes	Yes	Yes	Yes	Yes	Yes
_Cons	−2.9955	0.0109	−2.8881	−2.9955	0.5245	−3.2082
	(−8.753)	(5.355)	(−8.481)	(−8.753)	(9.808)	(−9.214)
N	4960	4960	4960	4960	4956	4956
r2_a	0.1189	0.5360	0.1220	0.1189	0.5777	0.1217

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