Table 6 Impact mechanism test results of financing constraints.
From: Does China’s innovation-driven policy affect enterprises’ import performance of intermediate goods?
Variable | FC | Import quantity of intermediate goods | Import variety of intermediate goods | Import quality of intermediate goods |
|---|---|---|---|---|
Step 1 | Step 2 | |||
\({T}_{{it}}\) | −0.0101* (−0.0072) | 0.4324*** (0.0145) | 0.0256*** (0.0239) | 0.2837*** (0.0348) |
\({D}_{{fit}}\) | 0.0802*** (0.0282) | 0.0241*** (0.0329) | 0.1538*** (0.0627) | |
FC | −0.0563*** (0.0117) | −0.0045* (0.0061) | −0.01432*** (0.0363) | |
Control variable | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Other interaction terms | No | Yes | Yes | Yes |
N | 78722 | 70478 | 58055 | 70045 |
R2 | 0.136 | 0.130 | 0.008 | 0.135 |
