| VARIABLES | (1) | (2) | (3) | (4) |
| L.RISK | 0.420*** | |||
| (0.070) | ||||
| DTI | 0.284*** |
| 0.250*** | 0.587*** |
| (4.8459) | (4.1211) | (0.155) | ||
| DTI_wj | 0.008*** | |||
| (4.2237) | ||||
| 控制变量 | YES | YES | YES | YES |
| 常数项 | −0.539 | 0.073 | 0.154 | −4.265 |
| (−0.6587) | (0.1062) | (0.2132) | (3.099) | |
| 个体固定效应 | Yes | YES | YES | YES |
| N | 358 | 408 | 408 | 358 |
| R2 | 0.389 | 0.353 | 0.353 |
|
| AR(2) |
|
|
| 0.356 |
| Hansen检验-P值 |
|
|
| 0.118 |