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

Table 4

Regression results on mechanism analysis.

Explained variable	Low financing constraint group (1)	High financing constraint group (2)
Digital finance	0.003 (0.08)	−0.068(−2.63)
Control variables	Yes	Yes
Time, industry, and city-fixed effects	Yes	Yes
_cons	0.537(2.12)	3.580(11.17)
N	100210	108168
Pseudo R^2	0.0696	0.0950

^∗∗∗, ^∗∗, and ^∗ indicate statistical significance at the 1%, 5%, and 10% levels, respectively.