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Table 1.

Main variables definition table.

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Table 2.

Statistical description of the variables.

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Table 3.

Baseline regression results.

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Table 4.

Mediating effect of financing constraints regression results.

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Table 5.

Results of heterogeneity testing based on property rights and technological characteristics.

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Table 6.

Robustness test results.

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Table 7.

Endogeneity treatment results.

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