评级上升

评级下调

滞后项

0.7901*** (0.0591)

0.8015*** (0.0587)

评级滞后项

2.1226* (1.2278)

3.1315*** (1.1877)

评级事件

1.2981 (4.1245)

−19.3351*** (5.6041)

GDP增长率

2.1023*** (2.3444)

1.9052*** (4.3455)

通货膨胀

0.0212 (0.0325)

0.0220 (0.0323)

M2

0.7295*** (0.1197)

0.7090*** (0.1183)

实际有效汇率

0.258** (2.455)

0.563*** (6.1197)

R-squared

0.63

0.63