Can the Double-Pillar Regulation Drive Enterprise Innovation?

Table 5

Mechanism test.

	(1)	(2)	(3)	(4)	(5)
	RD	fin	RD	RD	RD
MP	0.276847	0.026003	0.303210	0.286120	0.296968
	(8.4826)	(17.3466)	(9.4345)	(8.7292)	(8.7032)
MPI	−0.037564	0.001557	−0.035985	−0.034332	−0.023573
	(−5.1107)	(6.0855)	(−4.8858)	(−4.6373)	(−2.6373)
MMPI	0.014127	−0.001087	0.013025	0.012817	0.007580
	(4.2396)	(−7.5591)	(3.8853)	(3.8274)	(1.8799)
fin			−1.013870
			(−5.5220)
KZMP				−0.015206
				(−4.8474)
KZMPI				−0.004823
				(−2.5411)
KZMMPI				0.002374
				(2.5626)
RiskTMP					−0.375037
					(−1.6661)
RiskTMPI					−0.464876
					(−2.5056)
RiskTMMPI					0.211631
					(2.4669)
Control	Y	Y	Y	Y	Y
Fixed effect of the industry	Y	Y	Y	Y	Y
Fixed effect of the region	Y	Y	Y	Y	Y
N	20837	20837	20837	20837	20837
R2	0.5093	0.1550	0.5105	0.5111	0.5099