Table 5 Results of Internet finance’s heterogeneous impact on commercial banks’ risk taking

Variable

Model (7)

Model (8)

Model (9)

Model (10)

Model (11)

Model (12)

L1.RISK

0.2042***

0.8134***

0.4123***

0.1925***

0.7914***

0.4244***

(0.0180)

(0.0129)

(0.0241)

(0.0212)

(0.0117)

(0.0206)

L2.RISK

0.0937***

0.1409***

0.0480***

0.1416***

0.1555***

0.0754***

(0.0071)

(0.0146)

(0.0122)

(0.0076)

(0.0199)

(0.0123)

IF

−29.5753***

−1.9488***

−8.6732***

−37.9363***

−2.3629***

−11.7531***

(3.1639)

(0.2472)

(3.2313)

(1.8582)

(0.2915)

(3.0525)

IF ²

32.2653***

2.1361***

9.3516***

41.4076***

2.5910***

12.7041***

(3.4387)

(0.2693)

(3.5244)

(2.0135)

(0.3174)

(3.3185)

IF × K

0.0503***

0.0113**

0.1667***

(0.0041)

(0.0045)

(0.0446)

IF ² × K

−0.0661*

−0.0019***

−0.0833**

(0.0352)

(0.0033)

(0.0344)

M2

77.4084***

5.1755***

22.3141***

99.4639***

6.2661***

30.3136***

(8.2261)

(0.6457)

(8.4614)

(4.8040)

(0.7626)

(7.9617)

GDP

67.8745***

4.4807***

19.2978***

87.2799***

5.4303***

26.2671***

(7.1875)

(0.5627)

(7.3569)

(4.2009)

(0.6626)

(6.9081)

IRL

1.3712***

0.0766***

0.3056**

1.8193***

0.0852***

0.4283***

(0.1567)

(0.0134)

(0.1289)

(0.1269)

(0.0137)

(0.1607)

CR4

−0.2353***

−0.0155***

−0.0936***

−0.3051***

−0.0177***

−0.1203***

(0.0309)

(0.0024)

(0.0295)

(0.0205)

(0.0028)

(0.0320)

FORE

−27.8407***

−1.8230***

−8.3868***

−35.7035***

−2.2065***

−11.3062***

(3.0072)

(0.2367)

(3.0313)

(1.7970)

(0.2747)

(2.9053)

LI

−0.0242**

−0.0143***

−0.2443***

−0.0228**

−0.0180***

−0.2530***

(0.0027)

(0.0028)

(0.0338)

(0.0016)

(0.0030)

(0.0308)

Individual fixed effect

Control

Control

Control

Control

Control

Control

Time fixed effect

Control

Control

Control

Control

Control

Control

AR2 test

−1.2650

−0.0583

−0.2554

−1.2698

0.0837

−1.0268

(0.2059)

(0.9535)

(0.7984)

(0.2057)

(0.9333)

(0.3045)

Sargan test

27.0726

20.5812

25.9352

23.3621

18.0236

22.3627

(0.4055)

(0.7632)

(0.4667)

(0.6124)

(0.8749)

(0.6687)