Fig 1.
The Negative exacerbation effects of digital infrastructure policies on Non-SOEs financing constraints.
Fig 2.
The Positive mitigating effects of digital infrastructure policies on the Non-SOEs financing constraints.
Table 1.
Variable definitions.
Table 2.
Descriptive statistics.
Table 3.
Univariate test.
Table 4.
Panel A. Main Results: Digital Infrastructure Policies and Financing constraints (OLS) and Panel B: Main Results: Digital Infrastructure Policies and Financing constraints (DML).
Table 5.
IV test.
Table 6.
Heckman’s two-stage test.
Table 7.
Keep only samples of digital infrastructure policies that have changed.
Table 8.
Other robust tests.
Table 9.
Mechanism tests: From the perspective of alleviating fiscal burdens.
Table 10.
Mechanism tests: From the Perspective of improving the quality of fiscal revenue.
Table 11.
Mechanism tests: From the Perspective of improving regional financial levels.
Table 12.
Heterogeneity Test of the impact differences between issuing institutions.
Table 13.
Heterogeneity test of the impact differences between life cycles.
Table 14.
Heterogeneity test of the impact differences of supply chain support.
Table 15.
Further tests.