(1)

(2)

(3)

(4)

VARIABLES

FIN1

FIN2

SFIN

LFIN

EPU

0.012^***

0.012^***

0.009^***

0.003^***

(0.001)

(0.001)

(0.001)

(0.000)

FINBACK

−0.020^**

−0.019^**

−0.018^**

−0.000

(0.008)

(0.009)

(0.008)

(0.002)

FINBACK*EPU

0.006^***

0.007^***

0.006^***

−0.001

控制变量

(0.002)

YES

(0.002)

YES

(0.002)

YES

(0.001)

YES

Obs

25888

25888

25888

25888

R-sq

0.151

0.149

0.152

0.049

Indus

YES

YES

YES

YES