Digital Finance, Financing Constraint and Enterprise Financial Risk

Table 6

Heterogeneity analysis.

Variable	Heterogeneity of debt level			Heterogeneity of location
	L (1)	L (2)	L (3)	L (4)	L (5)	L (6)
	Low-debt level	High-debt level	Interaction term	Eastern region	Noneastern region	Interaction term
DIF	0.297	0.188	0.318	0.352	0.307	0.211
	(0.0750)	(0.1078)	(0.0653)	(0.0725)	(0.1284)	(0.0624)
Sizeh			0.413
			(0.2674)
DIFsize			−0.112
			(0.0478)
DIFeast						0.193
						(0.0522)
_Cons	11.419	7.309	8.455	6.874	12.164	8.397
	(0.8147)	(0.8374)	(0.5737)	(0.6224)	(1.1762)	(0.5658)
Control variable	Yes	Yes	Yes	Yes	Yes	Yes
Fixed-effect of year, industry, and region	Yes	Yes	Yes	Yes	Yes	Yes
Observations	11728	11744	23475	16744	6729	23475
R-squared	0.1700	0.1824	0.1741	0.1652	0.2047	0.1740

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