|
| (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 |