|
| (1) | (2) |
| 变量 | Risk | Risk |
| Digital | −0.0036** | −0.0043** |
|
| (−1.96) | (−2.30) |
| Sh1 |
| 0.0008*** |
|
|
| (5.07) |
| Sh1_Dig |
| −0.0005*** |
|
|
| (−4.15) |
| Size | −0.0326*** | −0.0350*** |
|
| (−18.16) | (−19.05) |
| Age | 0.0331*** | 0.0408*** |
|
| (4.01) | (4.87) |
| State | −0.0606*** | −0.0667*** |
|
| (−12.90) | (−13.76) |
| Grow | 0.0262*** | 0.0260*** |
|
| (7.75) | (7.66) |
| Lev | 0.1239*** | 0.1286*** |
|
| (11.54) | (11.92) |
| Sep | −0.0001 | −0.0004 |
|
| (−0.40) | (−1.34) |
| Dual | −0.0064 | −0.0064 |
|
| (−1.28) | (−1.27) |
| Constant | 1.1703*** | 1.1770*** |
|
| (24.54) | (24.68) |
| Observations | 19,100 | 19,100 |
| R−squared | 0.080 | 0.082 |
| Industry FE | YES | YES |
| Year FE | YES | YES |