模型

变量

I

II

III

$Liquidit{y}_{it}$

0.002991^***

(14.74497)

0.003579^***

(7.425015)

0.001483^***

(5.231914)

$Deman{d}_{it}$

−0.007580^***

(−9.121302)

−3.21E−07^***

(−7.147564)

−9.17E−08^**

(−2.106326)

$Perholdin{g}_{it}$

−1.372492^***

(−4.490494)

1.038704^**

(2.220974)

4.262206^***

(15.61402)

$C{F}_t$

−0.150475^***

(−25.31672)

−0.522534^***

(−39.53459)

−0.338823^***

(−40.09118)

$E_t$

−0.264924^***

(−13.51794)

−0.372475^***

(−27.13213)

−0.263162^***

(−23.48622)

$R_t^A$

−0.110219

(−0.821465)

0.331941^***

(2.803441)

0.130781

(1.247274)

$R_t^H$

−0.668243^***

(−4.288368)

−1.142750^***

(−5.978629)

−1.069651^***

(−6.820658)

$Financ{e}_{it}$

−0.328317^***

(−2.750879)

−0.612003^***

(−3.908786)

−0.447520^***

(−3.428750)

$HG{T}_t$

0.343925^***

(57.90334)

$c$

2.199525^***

(16.11863)

3.731750^***

(29.71816)

2.447335^***

(24.09448)