|
| (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 |