Research Article

Relationship between Financial Asset Allocation, Leverage Ratio, and Risk-Taking of Small- and Medium-Sized Enterprises in China: Taking Environment-Related Industries as an Example

Table 4

The estimation results of system GMM.

VariableRiskRiskLevLevRisk
Model (2)Model (3)Model (4)Model (5)Model (7)

L.lev0.8236 (0.012)0.8137 (0.014)
L.Risk0.1384 (0.043)0.1431 (0.041)0.1265 (0.040)
Lev0.0832 (0.036)
Fin0.2746 (0.126)0.1062 (0.034)0.1894 (0.095)
Fin20.4513 (0.134)
Lev20.7956 (0.023)
Size−0.1186 (0.139)−0.1231 (0.167)−0.0265 (0.093)−0.0289 (0.101)0.1102 (0.046)
Age0.0162 (0.007)0.0234 (0.011)0.0017 (0.001)0.0019 (0.003)0.0134 (0.006)
Growth0.1326 (0.062)0.1452 (0.049)0.0058 (0.007)0.0062 (0.009)0.1107 (0.052)
Roa−0.0029 (0.002)−0.0042 (0.003)−0.00036 (0.000)−0.00039 (0.001)−0.0025 (0.002)
Gdp0.0186 (0.006)0.0192 (0.011)−0.0042 (0.001)−0.0046 (0.002)0.0203 (0.007)
Social0.0006 (0.000)0.0009 (0.000)0.0001 (0.000)0.0003 (0.000)0.0006 (0.000)
Constant term2.2286 (0.796)3.1256 (0.8023)0.6439 (0.089)0.7726 (0.093)1.9011 (0.650)

Notes. Standard error in parentheses; , , mean significant at the level of 10%, 5%, and 1%, respectively.