| VARIABLES | Growth | t值 |
| FDIGDP | −0.0783 | (0.422) |
| proad | 0.000439*** | (0.00135) |
| RD | 0.0951** | (0.0241) |
| govGDP | 0.00596*** | (0.0289) |
| ER*d (ER ≤ 2.8054) | 0.0551** | (0.0216) |
| ER*d (2.8054 < ER ≤ 8.5696) | −0.0375*** | (0.00456) |
| ER*d (8.5696 < ER ≤ 8.6196) | 0.00923 | (0.00887) |
| ER*d (ER > 8.6196) | −0.0304*** | (0.00333) |
| Constant | 0.301*** | (0.0567) |
| Observations | 330 | |
| Number of code | 30 | |
| R-squared | 0.363 | |