VARIABLES

东部

ECS

中部

ECS

西部

ECS

CFIN

0.146^**

−0.727

0.062

−2.66

(−1.63)

−1.7

IS

−0.560^***

0.048

−0.087^**

(−7.50)

−0.36

(−2.97)

EP

0

(−0.27)

−0.001

(−1.33)

0.000^**

−2.82

ER

6.422^***

1.136

−0.172

−7.22

−0.82

(−0.33)

U

−0.445^**

(−2.58)

2.188^*

−2.24

−0.749^***

(−26.58)

Constant

0.714^***

−0.798^**

0.389^***

Observations

−7.48

100

(−2.74)

80

−13.67

120

R-squared

0.573

0.318

0.5