Research Article
The Spatial Economic Effect of Industrial Credit Misallocation in China
Table 4
Estimation results of dynamic panel models.
| | Variables | Model 4 | Model 5 | Model 6 | | Panel model | Spatial panel (W1) | Spatial panel (W2) | | SYS-GMM | SDM | SDM |
| | Cons | 8.664∗∗∗ (0.000) | 0.434 (0.934) | −5.287 (0.476) | | L.RIVA | 0.123∗ (0.054) | 1.023∗∗∗ (0.000) | 0.951∗∗∗ (0.000) | | CDD | −0.085 (0.540) | −4.292∗∗∗ (0.001) | −4.762∗∗∗ (0.001) | | SCDD | −0.048∗ (0.057) | −0.0004 (0.996) | −0.034 (0.689) | | FAIR | 0.041 (0.623) | 1.338 (0.384) | 2.492∗ (0.091) | | EPR | −0.115 (0.315) | −0.594 (0.765) | −0.039 (0.983) | | RLOAN | 0.029 (0.229) | 0.014 (0.622) | 0.015 (0.558) | | W∗CDD | — | −47.003 (0.276) | −20.036 (0.392) | | W∗SCDD | — | −9.356∗∗∗ (0.000) | −6.178∗∗∗ (0.003) | | W∗FAIR | — | −86.128 (0.473) | −109.183∗ (0.051) | | W∗EPR | — | −107.493 (0.571) | −22.612 (0.776) | | W∗RLOAN | — | −1.071 (0.292) | −0.503 (0.656) | | Time | Control | Control | Control | | ar(1) AB test | −4.96∗∗∗ (0.000) | — | — | | ar(2) AB test | −0.91 (0.361) | — | — | | Sargan test | 83.18 (0.505) | — | — | | Wald test | — | 160.322∗∗∗ (0.000) | 158.201∗∗∗ (0.000) | | F-test | 5.15∗∗∗ (0.000) | 5.937∗∗∗ (0.000) | 5.859∗∗∗ (0.000) | | AIC | — | 331.592 | 331.737 | | SC | — | 563.227 | 563.474 | | GLOBALMoran MI | — | −0.095∗∗∗ (0.009) | 0.558 9∗∗∗ (0.000) | | LM error (Burridge) | — | 5.046∗∗ (0.024) | 121.911 9∗∗∗ (0.000) | | LM error (robust) | — | 1.419 (0.233) | 303.649 9∗∗∗ (0.000) | | LM lag (Anselin) | — | 7.683∗∗∗ (0.006) | 6.416∗∗ (0.011) | | LM lag (robust) | — | 4.055∗∗ (0.044) | 188.155∗∗∗ (0.000) | | LOGL | — | −789.969 | −790.011 |
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Note: the time effect is controlled by the model, and the time effect is significant in most years, and the specific results are omitted.
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