Market Integration and Regional Innovation in China: Evidence from the Yangtze River Delta Region
Table 6
Dynamic test of the impact of MI on RI.
DIF-GMM
Variable
Model 1
Model 2
Model 3
Model 4
Model 5
Model 6
Model 7
L1.lnRI
0.597
0.511
0.446
0.377
0.398
0.349
0.409
(0.013)
(0.011)
(0.014)
(0.023)
(0.021)
(0.022)
(0.045)
lnMI
0.549
0.379
0.340
0.310
0.399
0.350
0.443
(0.050)
(0.036)
(0.029)
(0.032)
(0.027)
(0.047)
(0.056)
lnGOV
0.969
0.733
0.257
0.411
0.381
0.160
(0.084)
(0.129)
(0.033)
(0.109)
(0.040)
(0.053)
lnPTI
0.771
0.522
0.386
0.788
0.539
(0.119)
(0.174)
(0.138)
(0.234)
(0.159)
lnINT
0.300
0.307
0.204
0.166
(0.050)
(0.035)
(0.057)
(0.030)
lnFDI
0.290
0.265
0.301
(0.027)
(0.028)
(0.025)
lnGDP
1.052
0.863
(0.122)
(0.194)
lnTR
0.265
0.170
(0.028)
(0.095)
Cons
−4.052
−5.156
−7.994
−8.160
−6.980
−19.520
−16.457
(0.233)
(0.176)
(0.518)
(0.585)
(0.554)
(1.462)
(2.631)
Wald test
3784.95
4926.90
5932.03
9268.69
6645.31
3580.23
3699.41
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
AR(1)
0.038
0.023
0.031
0.045
0.038
0.039
0.040
AR(2)
0.859
0.878
0.844
0.745
0.929
0.928
0.963
Sargan test
26.588
24.925
24.053
25.133
24.134
24.430
22.449
(0.813)
(0.997)
(0.999)
(0.997)
(0.998)
(0.998)
(0.374)
SYS-GMM
L1.lnRI
0.666
0.600
0.461
0.377
0.431
0.367
0.384
(0.008)
(0.017)
(0.016)
(0.022)
(0.014)
(0.020)
(0.030)
lnMI
0.386
0.205
0.200
0.276
0.306
0.377
0.429
(0.032)
(0.030)
(0.044)
(0.035)
(0.040)
(0.049)
(0.069)
lnGOV
0.834
0.721
0.329
0.390
0.228
0.492
(0.097)
(0.117)
(0.034)
(0.113)
(0.034)
(0.200)
lnPTI
1.051
0.568
0.594
0.945
0.472
(0.107)
(0.140)
(0.165)
(0.232)
(0.255)
lnINT
0.272
0.279
0.181
0.206
(0.035)
(0.034)
(0.057)
(0.057)
lnFDI
0.174
0.213
0.179
(0.024)
(0.028)
(0.029)
lnGDP
0.505
0.453
(0.130)
(0.142)
lnTR
0.167
(0.093)
Cons
−3.081
−3.857
−8.467
−8.169
−7.547
−14.110
−12.923
(0.149)
(0.245)
(0.379)
(0.510)
(0.558)
(1.762)
(2.033)
Wald test
10411.45
15281.04
2540.84
4436.52
6827.50
4037.67
9879.36
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
(0.000)
AR(1)
0.036
0.026
0.031
0.043
0.038
0.044
0.036
AR(2)
0.949
0.958
0.890
0.766
0.920
0.921
0.851
Sargan test
26.671
23.363
23.754
25.186
24.323
24.163
22.393
(0.997)
(1.000)
(1.000)
(1.000)
(1.000)
(1.000)
(1.000)
Notes: ① Wald test, AR (1), AR (2), and Sargan test provide the P value of the test, respectively. ② L1 represents the lagging period of the variable. ,, and indicate that the coefficients are statistically significant at 10%, 5%, and 1% levels, respectively.
