Monitoring and Analysis of Venture Capital and Corporate Fraud Based on Deep Learning

Table 5

External governance environment.

	(1)	(2)	(3)	(4)
	Fraudt+1		Freqt+1
	Analyst-H	Analyst-L	Analyst-H	Analyst-L
VC	−0.047	−0.077	−0.122	−0.158
	(−0.96)	(−1.83)	(−1.57)	(−3.09)
Age	−0.073	−0.030	−0.099	−0.038
	(−2.47)	(−1.27)	(−2.60)	(−1.36)
Size	−0.009	0.063	0.015	0.129
	(−0.33)	(2.85)	(0.45)	(5.06)
ROA	−2.606	−3.853	−5.811	−5.759
	(−4.98)	(−8.33)	(−9.20)	(−11.64)
Dual	−0.077	−0.095	−0.235	−0.135
	(−1.56)	(−2.30)	(−3.94)	(−2.79)
Audit	−0.237	−0.249	−0.434	−0.365
	(−2.18)	(−2.11)	(−2.80)	(−2.42)
BdSize	0.208	0.129	0.146	0.184
	(1.74)	(1.29)	(0.99)	(1.56)
Tqmed	0.009	−0.104	−0.038	−0.193
	(0.10)	(−1.24)	(−0.32)	(−1.89)
Cash	−0.099	−0.064	−0.170	−0.105
	(−3.59)	(−2.61)	(−4.74)	(−3.57)
Constant	−0.380	−1.156	−0.372	−2.368
	(−0.57)	(−2.05)	(−0.45)	(−3.78)
AME			−0.0334	−0.0555
			(−1.96)	(−3.08)
Observations	5374	6555	5459	6588
Year&Industry	Yes	Yes	Yes	Yes
Pseudo R^2	0.054	0.033	0.075	0.044
AIC	4922.074	6913.573	7433.147	10667.752
Log likelihood	−2377.037	−3370.786	−3619.573	−5242.876

p < 0.10, p < 0.05, and p < 0.01.