| (GMM) |
变量 | TR |
L.Y | −0.131** |
(−2.42) | |
X1 | 0.556*** |
(3.62) | |
X2 | −6.915*** |
(−6.80) | |
X3 | −0.989*** |
(−3.61) | |
X4 | 1.585*** |
(7.18) | |
X5 | 0.884*** |
(3.75) | |
Constant | 51.396*** |
(7.09) | |
Observations | 360 |
Number of year | 12 |
F | 20.03 |