(1)

(2)

GMM1

GMM2

L.ROA

0.748***

1.271***

(0.0725)

(0.0664)

EID_Whether

0.000822***

(0.00119)

EID_Quality

0.0162***

(0.00513)

_cons

0.0111***

0.0166***

(0.00372)

(0.00475)

N

4200

4200

AR(1)

−8.26***

−7.86***

AR(2)

2.19

2.35

Sargan 检验

74.66

70.98