| 变量 | (1) | (2) | (3) | (4) | (5) |
| LQ | 0.027* (0.016) | 0.08** (0.032) | 0.031* (0.015) | 0.072** (0.032) | 0.058* (0.032) |
| Gdp | — | −0.033*** (0.011) | — | −0.03*** (0.01) | −0.031** (0.013) |
| Hum | −0.008** (0.003) | — | −0.008** (0.003) | — | −0.006** (0.003) |
| Wage | — | 0.067** (0.031) | — | 0.067** (0.031) | 0.056* (0.029) |
| Inf | 0.015 (0.011) | — | 0.012 (0.01) | — | 0.034 (0.021) |
| Rate | — | −0.004*** (0.001) | −0.003*** (0.001) | — | −0.004*** (0.001) |
| C | −0.06** (0.028) | −0.186 (0.224) | −0.039 (0.028) | −0.243 (0.223) | −0.157 (0.048) |
| Obs | 3086 | 3086 | 3086 | 3086 | 3086 |
| LM | 893.05*** | 903.56*** | 874.63*** | 921.19*** | 877.83*** |
| F | 3670.64 | 3487.53 | 3637.52 | 3520.62 | 3446.20 |
| Hansen | 0.46 | 0.5 | 0.34 | 0.48 | 0.94 |