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

Table 7

Heckman two-step estimation result.

	(1)	(2)	(3)
	Step 1	Step 2
	VC
Z1	0.040
	(1.67)
Z2	0.093
	(4.00)
VC		−0.065	−0.149
		(−2.04)	(−3.81)
IMR		−0.062	−0.125
		(−0.16)	(−0.27)
Age		−0.031	−0.045
		(−1.60)	(−1.88)
Size		0.008	0.053
		(0.53)	(2.77)
ROA		−3.603	−6.090
		(−11.09)	(−16.64)
Dual		−0.092	−0.178
		(−2.93)	(−4.77)
Audit		−0.242	−0.397
		(−3.09)	(−3.71)
BdSize		0.155	0.171
		(2.05)	(1.86)
Tqmed		−0.064	−0.153
		(−1.02)	(−1.98)
Cash		−0.080	−0.133
		(−4.42)	(−5.97)
Constant	−1.228	−0.165	−0.636
	(−7.24)	(−0.22)	(−0.69)
Observations	16297	11966	12007
Year and industry	Yes	Yes	Yes
Pseudo R^2	0.074	0.035	0.046
AIC	17665.601	11803.346	18132.111
Log likelihood	−8746.800	−5813.673	−8973.055

p < 0.10, p < 0.05, and p < 0.01.