Table 7. Mechanism analysis.

Variables	Lack of investment channels		Attention to economic information		Risk prefer
	Probit	Tobit	Probit	Tobit	Probit	Tobit
	(1)	(2)	(3)	(4)	(5)	(6)
PKU-DFIIC	-0.0034*	-0.0035*	0.0170**	0.0175**	0.0850**	0.0876**
	(0.0019)	(0.0021)	(0.0073)	(0.0077)	(0.0342)	(0.0356)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Obs	7739	7739	10,219	10,219	10,219	10,219
Pseudo R2	0.0228	0.0163	0.0819	0.0630	0.0448	0.0345

Notes: *P < 0.1,

**P < 0.05,

***P < 0.01. Robust standard errors are in parentheses. The estimates of regressions report the average marginal effect.