The Spatial Economic Effect of Industrial Credit Misallocation in China

Table 3

Estimation results of static panel models.

Variables	Model 1	Model 2	Model 3
	Panel model	Spatial panel (W1)	Spatial panel (W2)
	FE	FE + SDM	FE + SDM
Cons	25.977^∗∗∗ (0.000)	24.184^∗∗∗ (0.000)	26.057^∗∗∗ (0.000)
CDD	−1.031^∗∗ (0.032)	−0.225^∗ (0.076)	−0.239^∗ (0.072)
SCDD	−0.035 (0.422)	−0.007 (0.743)	−0.013 (0.580)
FAIR	0.068 (0.927)	0.046 (0.529)	0.044 (0.552)
EPR	−0.312 (0.636)	-0.079 (0.416)	−0.098 (0.326)
RLOAN	0.022 (0.399)	0.006 (0.755)	0.001 (0.955)
Time	Control	Control	Control
	—	−3.211^∗∗∗ (0.000)	−3.623^∗∗∗ (0.001)
LOGL	—	7.674	7.674

Note: The time effect is controlled in all models, and the time effect is significant in most years, and the specific results are omitted.