| 变量 | (1) | (2) | (3) |
| ep | ei | ep | |
| cet | −0.0696*** | 0.102*** | −0.056*** |
|
| (−4.82) | (7.63) | (−3.64) |
| ei |
|
| −0.137*** |
|
|
|
| (−2.63) |
| Control variables | Yes | Yes | Yes |
| Control_pro | Yes | Yes | Yes |
| Control_year | Yes | Yes | Yes |
| Constant | −0.319 | −0.802 | −0.429 |
|
| (−0.60) | (−1.62) | (−0.80) |
| Observations | 480 | 480 | 480 |
| R-squared | 0.915 | 0.979 | 0.917 |