(1)

(2)

VARIABLES (变量)

TR

TR

X1

0.139***

0.208***

(3.54)

(3.58)

X2

−1.540***

(−6.90)

X3

0.536***

(4.15)

X4

−0.167**

(−2.13)

X5

0.163***

(2.60)

Constant

−0.209

12.545***

(−0.61)

(7.42)

Observations

341

341

R-squared

0.23

0. 374

F test

0.000458

0

r2_a_

.

.

F

12.52

20.51