The power of financial support in accelerating digital transformation and corporate innovation in China: evidence from banking and capital markets

Financial Innovation

Table 3 The regression results of moderating effects

Variables	(1)	(2)	(3)
Variables	PG	PG	PG
DT	0.1655***	0.1424***	0.1642***
DT	(18.4967)	(15.2868)	(18.3307)
FD_b		− 0.2259***
FD_b		(− 8.8129)
FD_b × DT		0.1199***
FD_b × DT		(7.6811)
FD_c			0.0116***
FD_c			(3.9010)
FD_c × DT			0.0068***
FD_c × DT			(3.2260)
Control	Yes	Yes	Yes
Constant	− 0.0470*	0.2131***	− 0.0599**
Constant	(− 1.7945)	(5.2919)	(− 2.2755)
Year	Yes	Yes	Yes
Id	Yes	Yes	Yes
Observations	39,982	39,982	39,982
Number of id	4035	4035	4035
R-squared	0.254	0.257	0.254

***p < 0.01, **p < 0.05, *p < 0.1. To save space, we do not list the regression results for the controls separately