变量符号

总体DT

(线性)

总体DT

(非线性)

战略DT

(线性)

战略DT

(非线性)

管理DT

(线性)

管理DT

(非线性)

Fintech

1.472

1.373

3.821^***

−0.865

2.911^***

−0.773

(1.151)

(1.777)

(0.636)

(0.697)

(0.619)

(1.027)

Size

−8.351^***

5.257^***

−2.706

−2.164^***

−2.021

−3.905^***

(2.063)

(0.980)

(1.848)

(0.530)

(1.761)

(0.680)

CIR

−0.467^***

0.620^***

0.017

−0.282^***

0.552

−0.432^***

(0.156)

(0.205)

(0.096)

(0.095)

(0.094)

(0.145)

GDP

0.584

−1.534^***

−0.570^***

0.913^***

−0.591^***

0.648

(0.387)

(0.587)

(0.174)

(0.237)

(0.179)

(0.424)

LDR

1.525^*

−2.339

−0.087

0.869

−0.581

1.392^*

(0.835)

(1.191)

(0.654)

(0.558)

(0.645)

(0.775)

CPI

0.502

−1.560^***

−0.857^**

0.598^***

−1.135^***

1.137^***

(0.368)

(0.263)

(0.347)

(0.143)

(0.357)

(0.170)

c

78.763

109.914

55.506

$\gamma$

−0.027

0.245

0.085