(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