Research Article
Influencing Factors of Financing Constraints of Micro and Small Enterprises (MSEs) in China: A Risk Information Conveyance Perspective
Table 9
Robustness check results.
| | Variables | Control province dummy variable | Alter the estimated standard errors | | (1) | (2) | (3) | (4) | (5) | (6) |
| | Assets | −0.006*** (0.001) | −0.006*** (0.001) | −0.006*** (0.001) | −0.007*** (0.000) | −0.006*** (0.000) | −0.007*** (0.000) | | Size | −0.173*** (0.018) | −0.167*** (0.018) | −0.170*** (0.018) | −0.176*** (0.036) | −0.170*** (0.035) | −0.173*** (0.035) | | Firmage | −0.043*** (0.003) | −0.042*** (0.003) | −0.042*** (0.003) | −0.042*** (0.003) | −0.042*** (0.003) | −0.041*** (0.003) | | Revenue | −0.002 (0.005) | −0.002 (0.005) | −0.002 (0.005) | −0.001 (0.003) | −0.001 (0.003) | −0.001 (0.003) | | 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) | | Profit | −0.050** (0.025) | −0.058** (0.026) | −0.048* (0.026) | −0.050* (0.023) | −0.057** (0.025) | −0.049* (0.024) | | System | −0.047* (0.027) | −0.046 (0.029) | −0.052* (0.029) | −0.054* (0.026) | −0.057* (0.028) | −0.059* (0.028) | | Hightech | −0.078 (0.051) | −0.063 (0.054) | −0.060 (0.052) | −0.066** (0.021) | −0.053** (0.021) | −0.048** (0.017) | | PB | −0.093*** (0.029) | −0.104*** (0.031) | −0.095*** (0.030) | −0.0870*** (0.013) | −0.098*** (0.016) | −0.090*** (0.014) | | Technicians | −0.003*** (0.001) | −0.003*** (0.001) | −0.003*** (0.001) | −0.003*** (0.001) | −0.003*** (0.000) | −0.003*** (0.001) | | Ratio | −0.001 (0.001) | −0.001* (0.001) | −0.001 (0.001) | −0.001 (0.001) | −0.001 (0.001) | −0.001 (0.001) | | Education | 0.011 (0.010) | 0.012 (0.010) | 0.012 (0.010) | 0.007 (0.006) | 0.008 (0.006) | 0.008 (0.006) | | Gender | −0.025 (0.036) | −0.030 (0.038) | −0.028 (0.036) | −0.013 (0.022) | −0.017 (0.024) | −0.017 (0.021) | | Age | −0.005*** (0.002) | −0.005** (0.002) | −0.005** (0.002) | −0.005* (0.002) | −0.005* (0.002) | −0.005* (0.003) | | Year | 0.002 (0.002) | 0.003 (0.002) | 0.002 (0.002) | 0.003** (0.001) | 0.004** (0.001) | 0.003** (0.001) | | Attention | 0.003 (0.013) | 0.005 (0.014) | 0.002 (0.013) | 0.003 (0.011) | 0.006 (0.013) | 0.003 (0.011) | | Course | −0.037 (0.030) | −0.040 (0.033) | −0.029 (0.031) | −0.036* (0.016) | −0.039* (0.019) | −0.033* (0.017) | | Region | 0.037 (0.088) | 0.037 (0.088) | 0.039 (0.088) | 0.013 (0.009) | 0.010 (0.008) | 0.011 (0.009) | | Constant | 1.840*** (0.353) | 1.726*** (0.345) | 2.151*** (0.456) | 2.197*** (0.468) | 2.080*** (0.452) | 2.151*** (0.456) | | Industry/form | Yes | Yes | Yes | Yes | Yes | Yes | | 53.367 | 45.333 | 79.998 | 88.798 | 74.054 | 79.998 | | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | | 0.822 | 0.812 | 0.817 | 0.806 | 0.791 | 0.799 | | 740 | 680 | 697 | 740 | 680 | 697 |
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Note: The value in parentheses is the standard error of the coefficient. * .** .*** . |
