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

Table 9

Results of heterogeneity test.

Variable	Large enterprise		Small enterprise		State-owned		Private
	Z-risk	Z-risk	Z-risk	Z-risk	Z-risk	Z-risk	Z-risk	Z-risk
RDR	0.148		0.398		0.126		0.243
	(5.34)		(7.48)		(1.91)		(7.28)
c_RDR		0.156		0.348		0.174		0.234
		(5.59)		(6.01)		(2.66)		(7.05)
c_SA		0.940		23.308		21.911		15.060
		(0.28)		(1.38)		(4.03)		(7.23)
Interact		0.280		0.420		0.448		0.492
		(2.38)		(2.04)		(1.60)		(3.98)
N	1600	1600	1599	1599	425	425	2774	2774
r2_a	0.316	0.318	0.323	0.325	0.367	0.395	0.341	0.357
F	12.748	12.476	13.502	13.211	7.142	7.591	22.133	22.975

Note. Due to space limitation, only the results of the second step of the main effect and hierarchical regression are listed. The estimation results of control variables and constant terms are omitted, and the industry and year are controlled simultaneously. In addition, the results of the robustness tests are available from the corresponding authors upon request.