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

Table 7

Revised Z-risk regression results for robustness test.

Variable	(1)	(2)	(3)	(4)
	Modified Z-risk	Modified Z-risk	Modified Z-risk	Modified Z-risk
RDR	0.023
	(2.04)
SA		2.116
		(2.93)
c_RDR			0.024	0.020
			(2.15)	(1.80)
c_SA			2.173	2.193
			(3.01)	(3.04)
Interact				0.182
				(4.26)
Size	−0.272	−0.200	−0.252	−0.252
	(−2.87)	(−2.18)	(−2.66)	(−2.66)
Age	0.017	0.100	0.103	0.102
	(2.21)	(3.37)	(3.49)	(3.45)
DFL	−1.289	−1.310	−1.285	−1.271
	(−12.18)	(−12.47)	(−12.16)	(−12.05)
OC	0.009	0.008	0.008	0.009
	(3.33)	(2.84)	(3.04)	(3.14)
POR	−0.087	−0.118	−0.065	−0.058
	(−1.04)	(−1.46)	(−0.77)	(−0.69)
_cons	6.789	13.503	4.837	4.718
	(4.63)	(5.49)	(3.01)	(2.95)
Ind	Control	Control	Control	Control
Year	Control	Control	Control	Control
N	3199	3199	3199	3199
r2_a	0.209	0.21	0.211	0.215
F	12.89	12.971	12.869	13.012