VARIABLES	模型(2)	模型(5)
VARIABLES	lndigital	lndigital
did	0.0309^**	0.0309^**
did	(0.0153)	(0.0153)
board	0.132^***	0.132^***
board	(0.0206)	(0.0206)
age	0.129^***	0.129^***
age	(0.0114)	(0.0114)
growth	−0.00420	−0.00426
growth	(0.00332)	(0.00335)
lever	−0.0942^***	−0.0920^***
lever	(0.0278)	(0.0282)
indep	−0.271^***	−0.271^***
indep	(0.0731)	(0.0731)
top1	0.00118^**	0.00118^**
top1	(0.000585)	(0.000585)
Constant	2.345^***	2.345^***
Constant	(0.0650)	(0.0650)
年份	YES	YES
企业	YES	YES
Observations	33,153	33,150
R-squared	0.793	0.793