Digital Finance, Financing Constraint and Enterprise Financial Risk

Table 5

Mechanism analysis.

	L (1)	L (2)	L (3)	L (4)	L (5)	L (6)
	SA	z	SA	z	SA	z
DIF	0.153	0.250
	(0.0051)	(0.0608)
DIF-B			0.089	0.173
			(0.0047)	(0.0455)
DIF-D					0.143	0.259
					(0.0062)	(0.0675)
SA		0.135		0.148		0.142
		(0.0793)		(0.0788)		(0.0792)
Constant	−3.802	8.909	−3.446	9.385	−3.750	8.882
	(0.0562)	(0.6739)	(0.0549)	(0.6081)	(0.0592)	(0.7049)
Control variable	Yes	Yes	Yes	Yes	Yes	Yes
Fixed-effect of year, industry, and region	Yes	Yes	Yes	Yes	Yes	Yes
Observation	23064	23064	23064	23064	23064	23064
R-squared	0.2896	0.1690	0.2821	0.1688	0.2854	0.1689

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