Empirical Analysis of Supplier Inefficient Investment at Customer Risks Based on Supply Chain Data

Table 5

Test results of mediating effect of financing restriction.

Regression model	(1)	(2)	(3)
	InvestEff	KZ	InvestEff
khRisk	0.054	1.671	0.047
	(2.94)	(4.24)	(2.52)
KZ	—	—	0.004
	—	—	(2.60)
Size	−0.005	−0.337	−0.003
	(−3.15)	(−10.49)	(−2.03)
Lev	0.017	5.119	−0.005
	(1.63)	(22.38)	(−0.37)
Cash	0.006	−6.439	0.035
	(0.47)	(−21.7)	(1.98)
Age	−0.001	0.507	−0.004
	(−0.36)	(5.95)	(−0.90)
OCF	0.041	−10.916	0.089
	(1.52)	(−18.96)	(2.73)
Tac	−0.011	0.098	−0.011
	(−2.48)	(1.05)	(−2.58)
Share	0.048	−1.648	0.055
	(0.72)	(−1.14)	(0.83)
ROA	0.082	−3.487	0.097
	(2.15)	(−4.25)	(2.53)
khSize	≤0.001	0.046	≤0.001
	(0.35)	(1.98)	(0.17)
khLev	0.007	0.186	0.006
	(0.65)	(0.78)	(0.58)
khAge	−0.002	−0.098	−0.002
	(−0.55)	(−1.14)	(−0.45)
khOCF	−0.009	0.475	−0.011
	(−0.33)	(0.82)	(−0.41)
_cons	0.1362	5.866	0.110
	(3.64)	(7.33)	(2.86)
Year	Control	Control	Control
Industry	Control	Control	Control
N	771	771	771
R-squared	0.0462	0.833	0.037

Symbols , , and represent significance levels of 1%, 5%, and 10%, respectively.