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

Table 8

Robustness test of substitution variables.

Variable	Substitution variables				Replace the sample
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	DKZ	SA	RD	RD	△RD	△RD1	△RD2
TPA	-0.162	-0.019	0.139	0.140	0.205	0.158	0.027
	(-2.00)	(-14.61)	(2.12)	(2.11)	(2.13)	(1.84)	(0.75)
DKZ			-0.026
			(-2.46)
SA				-0.098
				(-2.21)
Size	-0.420	0.019	0.048	0.044	0.628	0.552	0.054
	(-14.22)	(17.90)	(0.88)	(0.80)	(5.61)	(5.50)	(1.26)
Age	-0.034	0.007	-2.086	-2.088	0.974	0.039	1.014
	(-0.39)	(0.97)	(-5.48)	(-5.48)	(0.95)	(0.04)	(2.61)
ROA	-17.186	0.056	-4.549	-4.586	-2.843	-4.170	1.279
	(-18.09)	(6.11)	(-9.55)	(-9.71)	(-4.06)	(-6.64)	(4.80)
Growth	-0.328	0.004	-0.807	-0.809	-1.671	-1.450	-0.190
	(-4.29)	(3.83)	(-16.60)	(-16.66)	(-23.62)	(-22.89)	(-7.05)
Lev	7.497	0.021	-2.521	-2.502	-0.746	-0.944	0.188
	(35.16)	(5.17)	(-11.93)	(-12.11)	(-2.03)	(-2.88)	(1.35)
Pay	0.616	-0.018	-0.571	-0.567	-0.332	-0.256	-0.040
	(2.48)	(-8.62)	(-5.30)	(-5.25)	(-1.77)	(-1.52)	(-0.56)
CFO	-14.693	0.016	-0.195	-0.228	0.651	0.535	-0.027
	(-28.08)	(2.48)	(-0.57)	(-0.67)	(1.31)	(1.21)	(-0.14)
PPE	11.579	-0.024	0.353	0.377	-0.205	-0.374	0.195
	(44.07)	(-4.20)	(1.20)	(1.29)	(-0.39)	(-0.79)	(0.97)
Top1	-0.202	-0.083	-0.157	-0.149	0.790	0.704	0.287
	(-1.06)	(-12.19)	(-0.45)	(-0.42)	(1.10)	(1.10)	(1.06)
Dual	-0.073	-0.002	0.135	0.135	0.231	0.153	0.019
	(-1.22)	(-1.51)	(2.21)	(2.21)	(2.34)	(1.73)	(0.49)
Bsize	-0.044	0.002	0.002	0.002	0.025	-0.001	0.035
	(-2.13)	(3.09)	(0.07)	(0.06)	(0.56)	(-0.03)	(2.05)
Indep	0.045	0.006	-1.080	-1.079	0.648	0.189	0.413
	(0.08)	(0.50)	(-1.70)	(-1.70)	(0.59)	(0.19)	(1.00)
Constant	4.455	3.437	12.189	11.899	-17.720	-11.960	-4.820
	(5.91)	(98.29)	(6.81)	(4.99)	(-4.37)	(-3.29)	(-3.13)
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	15,462	15,464	15,464	15,464	9725	9725	9725
	0.490	0.869	0.103	0.103	0.115	0.122	0.019