Impact of Low-Carbon City Policy on Enterprise Investment Efficiency: Based on the Heterogeneity of Chinese Urban Culture

Table 7

Regression results of influence mechanisms.

Variables	(1)	(2)	(3)
	Technological innovation effect	Financing constraint effect	Resource allocation effect
LCCROA			-0.043
			(-0.91)
LCC	0.007	-0.115	0.009
	(3.63)	(-2.11)	(3.01)
ROA			0.065
			(2.34)
Constant	0.039	-0.966	-0.010
	(3.06)	(-0.87)	(-0.37)
Observations	10,158	15,071	13,198
-squared	0.182	0.228	0.093
Control variables	Yes	Yes	Yes
Time fixed effects	Yes	Yes	Yes
Enterprise fixed effects	Yes	Yes	Yes
Province fixed effects	Yes	Yes	Yes
Industry fixed effects	Yes	Yes	Yes

Note: robust -statistics are in parentheses; , , and .