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

Table 6

Endogeneity test.

Variable	The first stage	The second stage
	(1)	(2)	(3)
	TPA	RD	△RD
IndReg_TPA	0.911
	(39.81)
TPA		1.807	0.211
		(2.03)	(1.96)
Size	0.053	-0.180	0.026
	(19.87)	(-4.75)	(1.56)
Age	0.039	-1.016	0.007
	(4.74)	(-10.03)	(0.15)
ROA	0.379	-7.003	-2.168
	(6.66)	(-9.81)	(-3.77)
Growth	-0.010	-0.531	-1.398
	(-1.51)	(-6.31)	(-16.14)
Lev	-0.063	-4.915	-0.293
	(-3.62)	(-22.79)	(-2.24)
Pay	-0.040	0.223	0.231
	(-3.51)	(1.59)	(2.55)
CFO	0.038	1.452	0.099
	(0.87)	(2.71)	(0.37)
PPE	0.110	-3.614	-0.741
	(5.38)	(-14.25)	(-5.92)
Top1	0.050	-2.239	-0.087
	(2.79)	(-10.21)	(-0.99)
Dual	-0.001	0.505	0.109
	(-0.15)	(7.51)	(3.43)
Bsize	0.005	0.018	0.008
	(2.57)	(0.76)	(0.83)
Indep	0.026	3.438	0.052
	(0.47)	(5.11)	(0.17)
Constant	-1.483	12.794	-0.198
	(-13.56)	(13.36)	(-0.51)
Year	Yes	Yes	Yes
Industry	Yes	Yes	Yes
Firm	Yes	Yes	Yes
	15,464	15,464	15,464
	0.255	0.340	0.086
Partial -test of IVs	439.117
	[0.000]