变量 | 被解释变量(ZGDP) | |||||
FE | SYS-GMM | FE | SYS-GMM | Diff-GMM | Diff-GMM | |
ZL | 0.665*** (7.62) | 0.013*** (7.34) | 0.056*** (6.29) | 0.007*** (3.80) | 0.093*** (20.53) | 0.038*** (3.75) |
ZK | 0.360*** (15.96) | 0.152*** (14.58) | 0.316*** (15.57) | 0.158*** (7.94) | 0.209*** (20.01) | 0.231*** (14.97) |
LA | 0.018** (2.48) | 0.013*** (11.32) | 0.012** (1.99) | 0.010*** (5.40) | 0.011*** (11.61) | 0.010*** (5.22) |
MA | −0.015*** (−2.80) | −0.011*** (−5.52) | −0.008* (−1.87) | −0.006*** (−2.93) | −0.004*** (−3.80) | −0.003*** (−3.03) |
ER |
|
| 0.040*** (2.58) | 0.043*** (3.64) |
| 0.143*** (6.59) |
CP |
|
| 0.002*** (3.76) | 0.003*** (7.08) |
| 0.0003 (0.90) |
SP |
|
| 0.001*** (7.23) | 0.002*** (10.54) |
| 0.001*** (7.35) |
R2-within | 0.41 |
| 0.55 |
|
|
|
F (P-value) | 78.57 (0.000) |
| 77.72 (0.000) |
|
|
|
L(1) |
| 0.703*** (32.78) |
| 0.559*** (14.98) | 0.652*** (43.10) | 0.460*** (14.53) |
AR(1) |
| −3.776*** (0.000) |
| −4.087*** (0.000) | −3.763*** (0.000) | −3.908*** (0.000) |
AR(2) |
| −2.322 (0.120) |
| −1.835 (0.166) | −2.293 (0.122) | −2.053 (0.140) |
Sargan (P-value) |
| 29.83 (1.000) |
| 27.573 (1.000) | 28.860 (1.000) | 27.488 (1.000) |
Wald Chi2 (P-value) |
| 14656.99 (0.000) |
| 2762.01 (0.000) | 3532.14 (0.000) | 18786.92 (0.000) |
Observations | 480 | 450 | 480 | 450 | 420 | 420 |