地理学视角的京津冀地区工业企业融资成本分析
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李博,李启航,孙威
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Analysis of financing costs of industrial enterprises in Beijing-Tianjin-Hebei region from geographic perspective
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LI Bo,LI Qihang,SUN Wei
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表5 按轻重行业分企业融资成本的OLS回归结果
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Tab. 5 Results of OLS regression of financing costs (Sample division by light & heavy industries)
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| 变量 | 回归(1) | 回归(2) | 回归(3) | 回归(4) | 回归(5) | 回归(6) | | 轻工OLS | 重工OLS | 轻工OLS | 重工OLS | 轻工OLS | 重工OLS | | distance | 0.0146 | 0.0224* | 0.00781 | 0.0244** | 0.00936 | 0.0260** | | (1.134) | (2.053) | (1.135) | (2.835) | (1.344) | (2.988) | | num_1k | 0.00157 | -0.00819 | | | | | | (0.159) | (-1.516) | | | | | | num_3k | | | -0.00268*** | -0.00211*** | | | | | | (-5.250) | (-3.742) | | | | num_5k | | | | | 0.00109*** | -0.000850*** | | | | | | (-4.154) | (-3.578) | | lfa | 0.0728** | 0.0839*** | 0.0677* | 0.0815*** | 0.0672* | 0.0814*** | | (2.247) | (5.488) | (2.098) | (5.628) | (2.106) | (5.739) | | lwc | -0.186*** | -0.180*** | -0.175*** | -0.176*** | -0.175*** | -0.176*** | | (-3.660) | (-5.151) | (-3.530) | (-5.143) | (-3.625) | (-5.178) | | lworker | 0.0368 | 0.0229 | 0.0415 | 0.0255 | 0.0410 | 0.0254 | | (1.186) | (0.566) | (1.313) | (0.632) | (1.298) | (0.635) | | lev | -2.266*** | -1.853*** | -2.252*** | -1.842*** | -2.253*** | -1.842*** | | (-5.049) | (-5.830) | (-5.084) | (-5.869) | (-5.114) | (-5.872) | | dum_gov | -0.0859 | -0.0855 | -0.0882 | -0.0861 | -0.0877 | -0.0870 | | (-1.130) | (-1.167) | (-1.209) | (-1.196) | (-1.228) | (-1.216) | 城市效应
行业效应 | YES | YES | YES | YES | YES | YES | | YES | YES | YES | YES | YES | YES | | 城市聚类稳健标准误 | YES | YES | YES | YES | YES | YES | | _cons | 4.283*** | 4.052*** | 4.270*** | 3.998*** | 4.262*** | 3.982*** | | (8.526) | (7.664) | (8.215) | (7.940) | (8.325) | (7.928) | | N | 2317 | 6968 | 2317 | 6968 | 2317 | 6968 | | 调整R2 | 0.268 | 0.181 | 0.269 | 0.182 | 0.269 | 0.182 |
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