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Financial Innovation

Table 5 Regression results of the SMEs and Non-SMEs

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

Variables

SMEs

Non-SMEs

(10)

(11)

(12)

(13)

(14)

(15)

PG

PG

PG

PG

PG

PG

DT

0.2230***

0.1903***

0.2210***

0.0643***

0.0534***

0.0647***

(19.2880)

(15.7027)

(19.0834)

(4.6146)

(3.7169)

(4.6406)

FDb

 

− 0.2164***

  

− 0.2287***

 
 

(− 6.8261)

  

(− 5.2909)

 

FDb × DT

 

0.1631***

  

0.0563**

 
 

(8.1223)

  

(2.2973)

 

FDc

  

0.0093**

  

0.0176***

  

(2.5319)

  

(3.4847)

FDc × DT

  

0.0069***

  

0.0053

  

(2.6727)

  

(1.4622)

Control

Yes

Yes

Yes

Yes

Yes

Yes

Constant

− 0.0980***

0.1512***

− 0.1084***

0.2724***

0.5428***

0.2524***

(− 3.3115)

(3.1569)

(− 3.6377)

(4.2693)

(6.5784)

(3.9441)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Id

Yes

Yes

Yes

Yes

Yes

Yes

Observations

25,265

25,265

25,265

14,717

14,717

14,717

Number of id

1993

1993

1993

2042

2042

2042

R-squared

0.294

0.298

0.294

0.173

0.176

0.174

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