Table 4. (Continued)
Panel B. A comparison of mean difference in regression variables between the 2002 and 2000 survey data.
The following table presents the mean and standard deviations for the dependent variable and independent variables
based on the 2002 and 2000 survey data. An F test is conducted for each variable to see whether there is a significant
mean difference between the two survey years.
2002 Survey Data 2000 Survey Data F Test (H0: 2002
Obs. Mean Stdev Obs. Mean Stdev
Mean=2000 Mean)
ROA 2,105 0.162 0.443 1,419 0.113 0.177 16.14** (0.000)
ENTP 1,593 0.182 0.194 1,070 0.145 0.149 27.07** (0.000)
CHAPA 2,019 0.036 0.242 1,604 0.027 0.078 2.29 (0.131)
ETC 2,105 0.780 0.241 1,697 0.684 0.255 140.19** (0.000)
MPE 1,964 0.136 0.242 1,636 0.131 0.132 0.54 (0.461)
MPI 1,696 0.758 0.327 1,258 0.773 0.280 1.69 (0.194)
AGEE 2,105 44.020 8.016 1,692 43.410 8.133 5.37** (0.021)
AGEC 2,062 7.011 4.249 1,568 6.403 4.070 18.88** (0.000)
LSALES 2,105 6.360 1.705 1,697 6.031 1.788 33.35** (0.000)
Panel C. A comparison of mean difference in regression variables between the large and small sub-samples.
The following table presents the mean and standard deviations for the dependent variable and independent variables
based on the 2002 large and small sub-sample survey data (classified as large or small based on whether the firm’s
total assets is above or below the median total assets). An F test is conducted for each variable to see whether
there is a significant mean difference between the two sub-samples.
2002 Large Sub-sample 2002 Small Sub-sample F Test
Obs. Mean Stdev Obs. Mean Stdev
(H0: Large sub-sample
Mean=Small
CMS和WCM的联系和区别是什么 sub-sample Mean)
ROA 1,051 0.098 0.162 1,054 0.226 0.598 44.94** (0.000)
ENTP 808 0.163 0.179 785 0.201 0.207 15.14** (0.000)
CHAPA 1,009 0.023 0.167 1,010 0.049 0.298 5.89** (0.015)
ETC 1,051 0.741 0.247 1,054 0.818 0.229 55.26** (0.000)
MPE 1,011 0.119 0.107 953 0.154 0.328 10.67** (0.001)
MPI 862 0.737 0.318 834 0.780 0.335 7.36** (0.007)
AGEE 1,051 44.468 7.734 1,054 43.574 8.267 6.57** (0.011)
AGEC 1,027 7.236 4.250 1,035 6.787 4.239 5.75** (0.017)
LSALES 1,051 7.407 1.316 1,054 5.315 1.376 1,271.38** (0.000)
Note: Significantly higher means are highlighted in Bold font, P-values of F test statistics are in parentheses.
regulators, and opening doors for product sales and marketing. Yet, entertainment spending
can also be exploited for managers’ self-interest [an example of the agency cost problem
between owners and managers as discussed in Jensen and Meckling (1976)], and can have a
negative effect on the firm’s financial performance. Thus, entertainment expense has become
a negative social capital for the Chinese firms.
The positive sign of the charitable contributions ratio across the two surveys makes
sense, because social networking through donations in China can improve the public image
of the entrepreneur and the private enterprise, facilitate the production and marketing of
上一页 [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] ... 下一页 >>
中小企业融资的英文参考文献和翻译 第9页下载如图片无法显示或论文不完整，请联系qq752018766
