Research Article
Influencing Factors of Financing Constraints of Micro and Small Enterprises (MSEs) in China: A Risk Information Conveyance Perspective
Table 8
Test results of the influencing factors of MSEs’ financing constraints.
| | Variables | Full sample | Sample facing financing constraints from formal financing channels | Sample facing financing constraints from informal financing channels | | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
| | Assets | −0.005*** (0.001) | −0.007*** (0.001) | −0.007*** (0.001) | −0.005*** (0.001) | −0.006*** (0.001) | −0.006*** (0.001) | −0.005*** (0.001) | −0.007*** (0.001) | −0.007*** (0.001) | | Size | −0.214*** (0.012) | −0.176*** (0.019) | −0.176*** (0.019) | −0.213*** (0.012) | −0.170*** (0.019) | −0.170*** (0.019) | −0.214*** (0.012) | −0.173*** (0.019) | −0.173*** (0.019) | | Firmage | −0.043*** (0.001) | −0.042*** (0.002) | −0.042*** (0.002) | −0.043*** (0.001) | −0.042*** (0.003) | −0.042*** (0.003) | −0.043*** (0.001) | −0.042*** (0.003) | −0.041*** (0.003) | | Revenue | −0.005** (0.002) | −0.001 (0.005) | −0.001 (0.005) | −0.006** (0.002) | −0.001 (0.005) | −0.001 (0.005) | −0.005** (0.002) | −0.001 (0.005) | −0.001 (0.005) | | Employees | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | −0.001 (0.000) | | Profit | −0.046*** (0.014) | −0.051** (0.024) | −0.050** (0.024) | −0.050*** (0.015) | −0.058** (0.025) | −0.057** (0.025) | −0.047*** (0.014) | −0.050** (0.025) | −0.049** (0.025) | | System | −0.082*** (0.017) | −0.054* (0.028) | −0.054* (0.028) | −0.083*** (0.018) | −0.056* (0.029) | −0.057* (0.029) | −0.084*** (0.018) | −0.058** (0.030) | −0.059** (0.030) | | Hightech | −0.118*** (0.023) | −0.069 (0.050) | −0.066 (0.050) | −0.110*** (0.023) | −0.055 (0.054) | −0.053 (0.054) | −0.113*** (0.023) | −0.050 (0.051) | −0.048 (0.051) | | PB | −0.085*** (0.016) | −0.087*** (0.027) | −0.087*** (0.027) | −0.087*** (0.016) | −0.098*** (0.029) | −0.098*** (0.029) | −0.083*** (0.016) | −0.089*** (0.029) | −0.090*** (0.029) | | Technicians | −0.002*** (0.000) | −0.003*** (0.001) | −0.003*** (0.001) | −0.002*** (0.000) | −0.003*** (0.001) | −0.003*** (0.001) | −0.002*** (0.000) | −0.003*** (0.001) | −0.003*** (0.001) | | Ratio | 0.001 (0.000) | −0.001 (0.001) | −0.001 (0.001) | 0.001 (0.000) | −0.001 (0.001) | −0.001 (0.001) | 0.001 (0.000) | −0.001 (0.001) | −0.001 (0.001) | | Education | | 0.007 (0.010) | 0.007 (0.010) | | 0.008 (0.010) | 0.008 (0.010) | | 0.008 (0.010) | 0.008 (0.010) | | Gender | | −0.015 (0.034) | −0.013 (0.034) | | −0.018 (0.037) | −0.017 (0.037) | | −0.019 (0.035) | −0.017 (0.035) | | Age | | −0.005*** (0.002) | −0.005*** (0.002) | | −0.005** (0.002) | −0.005** (0.002) | | −0.005** (0.002) | −0.005** (0.002) | | Year | | 0.003 (0.002) | 0.003 (0.002) | | 0.004* (0.002) | 0.004* (0.002) | | 0.003 (0.002) | 0.003 (0.002) | | Attention | | 0.003 (0.012) | 0.003 (0.012) | | 0.006 (0.013) | 0.006 (0.013) | | 0.002 (0.013) | 0.003 (0.013) | | Course | | −0.035 (0.030) | −0.036 (0.030) | | −0.038 (0.033) | −0.039 (0.033) | | −0.032 (0.031) | −0.033 (0.031) | | Region | | | 0.013 (0.013) | | | 0.010 (0.014) | | | 0.011 (0.014) | | Constant | 2.542*** (0.154) | 2.218*** (0.248) | 2.197*** (0.253) | 2.533*** (0.157) | 2.095*** (0.249) | 2.080*** (0.253) | 2.547*** (0.158) | 2.169*** (0.250) | 2.151*** (0.255) | | Industry/form | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | | 402.253 | 74.964 | 74.686 | 357.243 | 61.478 | 61.178 | 384.848 | 66.464 | 66.020 | | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | | 0.837 | 0.806 | 0.806 | 0.831 | 0.791 | 0.791 | 0.836 | 0.799 | 0.799 | | 2301 | 740 | 740 | 2134 | 680 | 680 | 2214 | 697 | 697 |
|
|
Note: The value in parentheses is the standard error of the coefficient. * .** .*** . |
