lny | 差分GMM | 系统GMM | ||
一步估计 | 两步估计 | 一步估计 | 两步估计 | |
lny(−1) | 0.1566(1.08) | 0.0821(0.54) | 0.4576(3.93)*** | 0.4459(3.50)*** |
H | −0.0038(−1.58) | −0.0048(−1.69)* | 0.00720(2.69)*** | 0.0066(2.36)** |
lnI | 0.7764(5.28) *** | 0.8276(5.22)*** | 0.5796(4.29)*** | 0.5637(3.92)*** |
URI | −0.1714(−3.61)*** | −0.1822(−2.88)*** | −0.08567(−1.69)* | −0.0984(−1.74)* |
MI | −0.0011(−1.92)* | −0.0012(−1.32) | −0.0011(−1.54) | −0.0008(−0.89) |
CONSTANT | −1.2495(−2.00)** | −1.2189(−1.54) | −1.7553(−2.55)** | −1.5023(−2.02)** |
AR(1) | 0.0756 | 0.1425 | 0.0013 | 0.0039 |
AR(2) | 0.0861 | 0.0662 | 0.1212 | 0.1081 |
Sargan test | 0.0000 | 0.0964 | 0.0000 | 0.2091 |