Digital Finance, Financing Constraint and Enterprise Financial Risk

Table 3

The baseline regression results between digital finance and enterprise financial risk.

Variable	L (1)	L (2)	L (3)
DIF	0.151	0.258	0.256
	(0.0640)	(0.0214)	(0.0600)
Level		0.246	0.116
		(0.2529)	(0.1347)
Size		−0.324	−0.378
		(0.0335)	(0.0217)
Rate		−0.016	−0.020
		(0.0034)	(0.0027)
Cash		0.445	0.573
		(0.1823)	(0.1604)
Capital		−0.396	−0.402
		(0.0226)	(0.0149)
Equity		0.006	0.006
		(0.0012)	(0.0011)
Constant	0.499	7.672	8.943
	(0.3436)	(0.7440)	(0.5665)
Fixed-effect of year, industry, and region	Yes	No	Yes
Observations	23475	23475	23475
R-squared	0.0092	0.1569	0.1735

Note. The symbol “” means ; “” means ; and “” means . Cluster-robust standard error is shown in brackets.