Variable

模型1

模型2

模型3

模型4

模型5

RD

0.475^***

(19.116)

0.882^***

(47.658)

0.399^***

(17.432)

0.952^***

(54.201)

0.935^***

(60.142)

PPI

0.038^*

(1.849)

0.567^**

(2.061)

0.466^***

(2.578)

0.921^***

(3.105)

0.305^***

(1.167)

INNO

0.300^***

(22.115)

MAR

0.149^***

(8.265)

RDP

0.612^***

(27.536)

HUM

0.012

(0.728)

FIN

0.178^***

(11.715)

Constant

0.045^**

(2.142)

0.032

(1.079)

0.039^***

(2.107)

0.107^***

(3.105)

0.002^***

(0.058)

Observations

476

476

476

476

476

R-squared

0.935

0.884

0.949

0.867

0.897