变量名称

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Cost

L.Risk

Cost

Cost

L.Risk

Cost

Cost

L.Risk

Cost

L.Risk

0.097^***

0.100^***

0.096^***

(5.88)

(5.96)

(5.82)

L.Fin

0.039^***

0.019^***

0.037^***

(5.55)

(2.83)

(5.37)

L.Fin_S

−0.085^***

−0.029

−0.082^***

(−3.98)

(−1.46)

(−3.81)

L.Fin_L

0.049^***

0.023^***

0.047^***

(6.67)

(3.25)

(6.47)

Constant

0.147^***

0.080^***

0.139^***

0.142^***

0.078^***

0.135^***

0.147^***

0.081^***

0.140^***

(8.11)

(5.05)

(7.42)

(7.81)

(4.93)

(7.13)

(8.15)

(5.06)

(7.47)

Observations

5312

5312

5312

5312

5312

5312

5312

5312

5312

R-squared

0.223

0.110

0.229

0.219

0.109

0.226

0.225

0.111

0.231

Ind FE

YES

YES

YES

YES

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

YES

YES

YES

YES