The Influence of Outward Foreign Direct Investment on Enterprise Technological Innovation

Table 3

Test results based on lag effect.

	No control effect			Controlled effect
	(1) 1 year lag	(2) 2 years lag	(3) 3 years lag	(4) 1 year lag	(5) 2 years lag	(6) 3 years lag
	0.442 (8.07)	0.451 (8.11)	0.449 (8.06)	0.051 (1.26)	0.063 (1.29)	0.058 (1.23)
	0.275 (5.93)	0.314 (6.07)	0.698 (9.11)	−0.102 (−1.38)	−0.297 (−2.33)	0.533 (4.51)
	0.346 (3.08)	0.382 (2.44)	0.207 (7.14)	0.331 (3.96)	0.374 (3.84)	0.202 (1.59)
Constant term	9.503 (329.66)	9.671 (341.73)	9.103 (338.91)	3.150 (10.22)	3.361 (10.93)	3.506 (11.93)
Enterprise characteristic variables	Yes	Yes	Yes	Yes	Yes	Yes
YE	No	No	No	Yes	Yes	Yes
RE	No	No	No	Yes	Yes	Yes
IE	No	No	No	Yes	Yes	Yes
Observations	5803	4390	3381	5803	4390	3381
Adjusted	0.047	0.041	0.032	0.886	0.883	0.875
F-value	73.62	56.01	33.92	92.31	65.08	22.84

Note. , , and represent significant at the levels of 1%, 5%, and 10%, respectively.