[Retracted] Digital Finance and Firm Exit: Mathematical Model and Empirical Evidence from Industrial Firms

Table 2

Variable definitions and descriptive statistics.

Name	Definition	Sample size	Mean	Standard deviation
Firm exit	1 for the year of exit and 0 for other years	208,381	0.209	0.406
Digital finance	Acquired by a python web crawler	208,381	0.525	0.194
TFP	Obtained by Levinsohn–Petrin (LP) method [22]	208,381	6.572	1.167
Firm scale	Logarithm of total asset	208,381	11.13	1.398
Firm age	Logarithm of firm age plus 1	208,381	2.142	0.689
Return on assets	Net profit divided by total asset	208,381	0.108	0.200
State ownership	1 for state-owned firm and 0 for non-state-owned firm	208,381	0.053	0.225
Asset-liability ratio	Total debt divided by total asset	208,381	0.545	0.264
Export density	Export delivery value as a proportion of total output	208,381	0.149	0.305
Government-firm relationship	1 for subsidized firm and 0 for nonsubsidized firm	208,381	0.151	0.358
Industry concentration	Measured by Herfindahl index	208,381	0.161	0.211
GDP growth rate	GDP growth rate of each city against the level of the previous year	208,381	0.115	0.057