Table 3.

Comparison between different groups based on payment mode (firm nature).

Variable	N	Issuer-payment means	N	Investor-payment means	Difference in means
Panel A: Main variable summary statistics between issuer-payment and investor-payment groups
CCR	4195	16.350	576	13.280	3.070∗∗∗
$L{C}_1$	4195	1.880	576	2.081	−0.201∗∗∗
$L{C}_2$	4195	0.152	576	0.163	−0.011∗
Introduction	4195	0.190	576	0.151	0.039∗∗
Growth	4195	0.344	576	0.355	−0.011
Mature	4195	0.264	576	0.358	−0.094∗∗∗
Decline	4195	0.053	576	0.036	0.017∗
R_M	4195	1.535	576	1.246	0.289∗∗∗
B_I_S	4195	0.938	576	0.965	−0.027∗
C_R	4195	4.172	576	4.204	−0.032
OIGR	4195	0.207	576	0.135	0.072∗∗
Cash_TA	4195	−0.018	576	−0.012	−0.006∗∗
Nature	4195	0.591	576	0.623	−0.032
Panel B: Main variable summary statistics between SOEs and Non-SOEs
CCR	1933	15.490	2838	16.320	−0.830∗∗∗
$L{C}_1$	1933	1.845	2838	1.943	−0.098∗∗∗
$L{C}_2$	1933	0.165	2838	0.145	0.020∗∗∗
Introduction	1933	0.200	2838	0.175	0.025∗∗
Growth	1933	0.366	2838	0.331	0.035∗∗∗
Mature	1933	0.236	2838	0.301	−0.065∗∗∗
Decline	1933	0.052	2838	0.051	0.001
R_M	1933	1.884	2838	1.240	0.644∗∗∗
B_I_S	1933	0.890	2838	0.976	−0.086∗∗∗
C_R	1933	4.364	2838	4.049	0.315∗∗∗
OIGR	1933	0.201	2838	0.196	0.005
Cash_TA	1933	−0.025	2838	−0.012	−0.013∗∗∗
Payment	1933	0.110	2838	0.123	−0.013