| (1) | (2) |
变量 | Risk | Risk |
Digital | −0.0106*** | −0.0109*** |
| (−4.29) | (−4.41) |
Size |
| −0.0246*** |
|
| (−10.64) |
Age |
| 0.0374*** |
|
| (3.66) |
State |
| −0.0534*** |
|
| (−9.04) |
Grow |
| 0.0348*** |
|
| (8.86) |
Sep |
| −0.0002 |
|
| (−0.59) |
Dual |
| −0.0067 |
|
| (−1.03) |
Lev |
| 0.0730*** |
|
| (5.23) |
Constant | 0.5918*** | 1.0066*** |
| (26.42) | (16.81) |
Observations | 11,920 | 11,920 |
R−squared | 0.046 | 0.074 |
Industry FE | YES | YES |
Year FE | YES | YES |