(1)

(2)

变量

Risk

Risk

Digital

−0.0036**

−0.0046**

(−1.96)

(−2.38)

Pper

0.0326**

(2.19)

Pper_Dig

−0.0424***

(−4.01)

Size

−0.0326***

−0.0330***

(−18.16)

(−18.29)

Age

0.0331***

0.0351***

(4.01)

(4.25)

State

−0.0606***

−0.0625***

(−12.90)

(−13.24)

Grow

0.0262***

0.0268***

(7.75)

(7.89)

Lev

0.1239***

0.1215***

(11.54)

(11.28)

Sep

−0.0001

−0.0002

(−0.40)

(−0.60)

Dual

−0.0064

−0.0064

(−1.28)

(−1.27)

Constant

1.1703***

1.1621***

(24.54)

(24.39)

Observations

19,100

19,100

R−squared

0.080

0.081

Industry FE

YES

YES

Year FE

YES

YES