[Retracted] Participation in Targeted Poverty Alleviation and Enterprise Innovation Investment: Analysis of the Mediating Effect Test Model Based on Financing Constraints

Table 5

Test of mediating effect based on financing constraints.

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	KZ	RD	RD1	RD2	△RD	△RD1	△RD2
TPA	-0.953	0.136	0.156	0.004	0.208	0.154	0.044
	(-2.62)	(2.08)	(2.64)	(0.15)	(3.02)	(2.36)	(1.43)
KZ		-0.059	-0.068	0.021	-0.079	-0.063	-0.011
		(-3.15)	(-4.06)	(2.59)	(-4.02)	(-3.39)	(-1.20)
Size	-2.946	0.010	-0.167	0.183	0.319	0.273	0.022
	(-9.75)	(0.17)	(-3.33)	(7.53)	(5.44)	(4.95)	(0.84)
Age	2.462	-2.083	-1.341	-0.299	0.395	0.605	-0.322
	(1.17)	(-5.47)	(-3.92)	(-1.80)	(0.99)	(1.60)	(-1.78)
ROA	-7.802	-4.706	-4.639	0.284	-3.341	-3.890	1.040
	(-2.98)	(-9.95)	(-10.92)	(1.37)	(-6.71)	(-8.30)	(4.62)
Growth	-1.459	-0.841	-0.648	-0.153	-1.637	-1.358	-0.236
	(-5.42)	(-16.96)	(-14.54)	(-7.05)	(-31.39)	(-27.62)	(-9.98)
Lev	9.361	-2.194	-1.917	-0.372	-0.394	-0.495	0.018
	(8.18)	(-9.63)	(-9.36)	(-3.73)	(-1.64)	(-2.19)	(0.17)
Pay	-4.510	-0.571	-0.428	-0.154	0.147	0.025	0.003
	(-7.53)	(-5.31)	(-4.43)	(-3.26)	(1.30)	(0.24)	(0.05)
CFO	-22.834	-1.036	-1.030	0.206	-0.742	-0.411	-0.235
	(-12.19)	(-2.44)	(-2.70)	(1.11)	(-1.66)	(-0.98)	(-1.16)
PPE	20.016	0.509	0.286	0.222	-0.644	-0.466	-0.054
	(12.37)	(1.73)	(1.08)	(1.73)	(-2.08)	(-1.60)	(-0.38)
Top1	0.005	-0.170	-0.009	-0.255	0.252	0.190	-0.018
	(0.00)	(-0.49)	(-0.03)	(-1.67)	(0.69)	(0.55)	(-0.11)
Dual	-0.526	0.132	0.098	0.048	0.208	0.128	0.047
	(-1.55)	(2.17)	(1.79)	(1.81)	(3.24)	(2.12)	(1.60)
Bsize	0.048	0.004	-0.031	0.018	0.026	-0.005	0.018
	(0.34)	(0.17)	(-1.37)	(1.62)	(0.95)	(-0.20)	(1.47)
Indep	-1.165	-1.018	-1.339	-0.007	-0.518	-0.595	-0.252
	(-0.33)	(-1.60)	(-2.34)	(-0.02)	(-0.77)	(-0.94)	(-0.83)
Constant	45.084	12.914	16.373	-2.344	-8.229	-5.232	0.469
	(4.55)	(7.18)	(10.13)	(-2.98)	(-4.35)	(-2.93)	(0.55)
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	15,464	15,464	15,464	15,464	15,464	15,464	15,464
	0.112	0.104	0.099	0.044	0.102	0.094	0.022