(1)

(2)

(3)

(4)

(5)

rer

buyup

rer

indus

rer

dfi1

0.1348***

(8.92)

0.1356***

(6.68)

0.1283***

(7.92)

0.0054

(0.31)

0.1345***

(8.90)

中介变量

0.0478**

(1.10)

0.0573

(1.15)

libper

0.0864***

(6.48)

0.0158***

(0.88)

0.0856***

(6.42)

0.06***

(3.84)

0.0898***

(6.58)

market

0.1403***

(4.19)

−0.0262

(-0.58)

0.1415***

(4.23)

0.0367

(0.94)

0.1382***

(4.13)

mad

0.0031***

(10.36)

−0.0015

(3.58)

0.0032***

(10.37)

0.0042***

(10.55)

0.0030***

(9.52)

sdgdp

0.0013**

(2.35)

0.0014*

(1.80)

0.0013**

(2.22)

0.0020***

(2.80)

0.0013**

(2.13)

_cons

0.1710**

(9.34)

0.2608***

(10.60)

0.1585**

(7.37)

0.7940***

(36.95)

0.1255***

(2.89)

YEAR FE

YES

YES

YES

YES

YES

STATE FE

YES

YES

YES

YES

YES

N

341

341

341

341

341

R²

0.9857

0.8594

0.9835

0.9544

0.9835