Can the Double-Pillar Regulation Drive Enterprise Innovation?

Table 1

Variable descriptions.

Variable type	Variable name	Variant content
Dependent variable	RD	The logarithmic representation of enterprise’s R&D expenditure
Explaining variable	MP	M2 growth rate and one-week Shibor
	MPI	Referring to the dummy variable construction method of Jicheng Huang
	MMPI	The product of monetary policy and macro-prudential policy
Mediating variable	fin	Proxy variable for the financialization of enterprises
Moderating variable	KZ	Proxy variable for financing constraint
	RiskT	Proxy variable for level of enterprise risk-taking
Control variable	lev	Asset-liability ratio
	tat	Total assets turnover rate
	rot	Net return on total assets rate
	Q	Industry tobin Q
	q	Enterprise tobin q value
	tl	Technical level, using fixed assets/total assets
	Size	Enterprise size, using the logarithmic representation of total assets
	dn	Director number
	id	Independent director size, using independent director number/director number