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