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7 OLS和IV-2SLS回归结果对比
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Tab. 7 Results of OLS and IV-2SLS regression of financing costs
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| 变量 | 回归(1) | 回归(2) | 回归(3) | 回归(4) | | OLS | IV | IV | IV | | ldis | 0.074*** | 0.698*** | 0.374** | 0.377** | | (6.67) | (3.78) | (2.56) | (2.36) | | lfa | 0.105*** | | 0.069*** | 0.071*** | | (9.57) | | (2.65) | (2.94) | | lwc | -0.091** | | -0.038 | -0.027 | | (-2.30) | | (-0.83) | (-0.64) | | lworker | 0.039 | | 0.076* | 0.055* | | (1.43) | | (1.74) | (1.75) | | lev | -0.951** | | -0.837*** | -0.755*** | | (-2.95) | | (-2.93) | (-3.05) | | dum_gov | 0.438*** | | 0.435*** | 0.389*** | | (6.77) | | (4.46) | (4.59) | | dum_for | -0.019 | | -0.044 | -0.049** | | (-0.43) | | (-1.64) | (-2.18) | | _cons | 0.828 | -4.352*** | -2.343* | -2.043 | | (1.50) | (-3.33) | (-1.84) | (-1.45) | | IV | No | Yes | Yes | Yes | | 固定效应 | Yes | No | No | Yes | | 聚类稳健 | Yes | Yes | Yes | Yes | | N | 14845 | 14845 | 14845 | 14845 | | 调整R2 | 0.243 | -0.383 | 0.093 | 0.132 | | 弱工具检验 | | 12.343 | 8.135 | 9.799 | | 过度识别检验 | | 3.260 | 3.691 | 5.361 | | 0.196 | 0.158 | 0.069 | | 内生性检验 | | 5.653 | 3.183 | 1.753 | | 0.019 | 0.078 | 0.215 |
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