Digital Finance, Financing Constraint and Enterprise Financial Risk

Table 4

The influence of subindexes of digital finance on enterprise financial risk.

Variable	L (1)	L (2)	L (3)	L (4)	L (5)	L (6)
DIF-B	0.094	0.218	0.170
	(0.0493)	(0.0203)	(0.0460)
DIF-D				0.101	0.247	0.257
				(0.0720)	(0.0292)	(0.0674)
Constant	0.811	7.889	9.427	0.764	7.660	8.938
	(0.2599)	(0.7449)	(0.5111)	(0.3898)	(0.7508)	(0.6022)
Control variable	No	Yes	Yes	No	Yes	Yes
Fixed-effect of year, industry, and region	Yes	No	Yes	Yes	No	Yes
Observations	23475	23475	23475	23475	23475	23475
R-squared	0.0091	0.1565	0.1733	0.0090	0.1562	0.1734

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