Research on Technological Innovation Investment, Financing Constraints, and Corporate Financial Risk: Evidence from China

Table 5

Regression results of main effects and regulatory effects.

Variable	(1)	(2)	(3)	(4)
	Z-risk	Z-risk	Z-risk	Z-risk
RDR	0.227
	(7.86)
SA		14.445
		(7.72)
c_RDR			0.236	0.225
			(8.23)	(7.85)
c_SA			15.002	15.059
			(8.10)	(8.16)
Interact				0.502
				(4.59)
Size	−0.877	−0.231	−0.742	−0.741
	(−3.58)	(−0.97)	(−3.05)	(−3.06)
Age	0.041	0.600	0.635	0.631
	(2.03)	(7.82)	(8.35)	(8.33)
DFL	−3.403	−3.622	−3.375	−3.336
	(−12.43)	(−13.31)	(−12.45)	(−12.34)
OC	0.026	0.015	0.021	0.021
	(3.70)	(2.14)	(2.96)	(3.06)
POR	−1.064	−1.430	−0.913	−0.894
	(−4.90)	(−6.84)	(−4.23)	(−4.15)
_cons	36.202	84.583	23.066	22.738
	(9.54)	(13.28)	(5.61)	(5.54)
Ind	Control	Control	Control	Control
Year	Control	Control	Control	Control
N	3199	3199	3199	3199
r2_a	0.335	0.335	0.349	0.353
F	23.719	23.675	24.785	24.89