Table 3.
Mechanism tests: Digital finance and technology innovation.
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| Patents granted | Green patents applications | Green patents granted | Green utility model patents applications | Green utility model patents granted | City Innovation Power Index | City Innovation and Entrepreneurship Index | |
| DFI*Post13 | 0.0007 | 0.0033** | 0.0037*** | −0.0017 | 0.0008 | 0.0052** | 0.0003 |
| (0.0007) | (0.0016) | (0.0011) | (0.0011) | (0.0012) | (0.0021) | (0.0002) | |
| Baseline controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| City FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Province-by-year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Adjusted R2 | 0.9427 | 0.9604 | 0.9621 | 0.9647 | 0.9637 | 0.8931 | 0.9583 |
| N | 1921 | 1471 | 1469 | 1471 | 1469 | 1472 | 1921 |
**, ***
represent the significant levels of 5%, and 1%, respectively. Parentheses indicate standard errors clustered at the city level. The baseline control variables are consistent with column (4) in Table 2.