(1)

(2)

变量

Risk

Risk

Digital

−0.0051***

−0.0036**

(−2.73)

(−1.96)

Size

−0.0326***

(−18.16)

Age

0.0331***

(4.01)

State

−0.0606***

(−12.90)

Grow

0.0262***

(7.75)

Sep

−0.0001

(−0.40)

Dual

−0.0064

(−1.28)

Lev

0.1239***

(11.54)

Constant

0.5923***

1.1703***

(30.25)

(24.54)

Observations

19,100

19,100

R−squared

0.043

0.080

Industry FE

YES

YES

Year FE

YES

YES