地理学视角的京津冀地区工业企业融资成本分析

李博,李启航,孙威

Analysis of financing costs of industrial enterprises in Beijing-Tianjin-Hebei region from geographic perspective

LI Bo,LI Qihang,SUN Wei

表3 融资成本的OLS和Tobit回归结果

Tab. 3 Results of OLS regression and Tobit regression of financing costs and other variables

变量	回归(1)	回归(2)	回归(3)	回归(4)	回归(5)	回归(6)
变量	OLS	OLS	OLS	Tobit	Tobit	Tobit
distance	0.020^**	0.018^***	0.019^***	0.022^***	0.019^***	0.021^***
	(2.69)	(3.26)	(3.32)	(3.17)	(3.07)	(3.34)
num_1k	-0.004			-0.005
	(-1.17)			(-1.31)
num_3k		-0.002^***			-0.003^***
		(-4.01)			(-4.58)
num_5k			-0.001^***			-0.001^***
			(-3.69)			(-5.08)
lfa	0.110^***	0.107^***	0.106^***	0.176^***	0.171^***	0.170^***
	(5.90)	(5.73)	(5.80)	(13.54)	(13.11)	(13.01)
lwc	-0.081	-0.076	-0.075	-0.055^***	-0.047^***	-0.046^***
	(-1.54)	(-1.48)	(-1.47)	(-3.50)	(-3.00)	(-2.91)
lworker	0.009	0.012	0.013	0.004	0.008	0.009
	(0.32)	(0.42)	(0.43)	(0.19)	(0.40)	(0.43)
lev	-1.034^*	-1.025^*	-1.024^*	-0.855^***	-0.843^***	-0.840^***
	(-2.00)	(-2.00)	(-2.00)	(-12.34)	(-12.16)	(-12.13)
dum_gov	0.175^*	0.182^**	0.184^**	0.287^***	0.299^***	0.301^***
	(2.08)	(2.21)	(2.22)	(6.16)	(6.40)	(6.45)
dum_for	-0.065	-0.069	-0.070	-0.084^**	-0.090^**	-0.092^**
	(-1.10)	(-1.23)	(-1.26)	(-2.14)	(-2.30)	(-2.35)
城市效应行业效应	YES	YES	YES	YES	YES	YES
城市效应行业效应	YES	YES	YES	YES	YES	YES
城市聚类稳健标准误	YES	YES	YES	-	-	-
_cons	2.042^**	2.014^**	1.999^**	0.938^***	0.902^***	0.879^***
	(2.97)	(2.95)	(2.94)	(4.03)	(3.89)	(3.79)
N	11780	11780	11780	15987	15987	15987
调整R²	0.225	0.226	0.226