Category

Variables

Description

Coefficien

Merchant social-economic Variables

Cas_hotel

Hotel industry

0.334***

Cas_hospital

Hospital industry

0.345***

Cas_wholesale

Holesale industry

−0.675***

Cas_retail

Retail industry

0.056**

Cas_utilities

Utilities industry

0.087***

Cas_internet server

Internet server industry

0.457***

Cas_education

Education industry

−0.959***

Cas_building construction

Building construction industry

−0.227*

Cas_textile and garment

Textile and garment industry

0.057***

scale_1000-4999

Staff size (1000 - 4999 s person)

−0.756***

scale_5000-9999

Staff size (5000 - 9999 s person)

−0.855***

scale_10000(more than)

Staff size(more than 10,000 s person)

−0.765***

scale_50-99

Staff size (50 - 99 s person)

0.667***

reg_capital

Registered capital

3.456

Merchant Dynamic Transaction Variables (4 in total)

trans_cnt

Average daily trading volume in July 2019

5.067***

amt_avg

Average spending amount in July 2019

−1.658***

amt_max

Maximum daily average consumption amount in July 2019

−1.084***

amt_min

Minimum daily spending amount in July 2019

2.564

Merchant clustering effect (8 in total)

dist100_b

The proportion of adopted within 100 m

0.116***

dist200_b

The proportion of adopted within 200 m

0.031**

dist500_b

The proportion of adopted within 500 m

0.021***

dist1000_b

The proportion of adopted within 1000 m

0.179***

dist100f

Adopted amount within 100 m

0.237

dist200f

Adopted amount within 200 m

0.548

dist500f

Adopted amount within 500 m

0.583

dist1000f

Adopted amount within 1000 m

0.073