VARIABLES

IV第一阶段

IV第二阶段

(1)

(2)

(3)

(4)

RD

RD²

Risk1

Risk2

RD

−0.013^***

−0.033^***

(−3.18)

(−3.35)

RD²

0.001^***

0.001^***

(3.43)

(3.60)

IV

0.760^***

−5.527^***

(16.85)

(−3.47)

IV

0..005^***

1.089^***

(3.73)

(24.83)

control

Y

Y

Y

Y

Year/Ind

Y

Y

Y

Y

Constant

1.420^***

18.921

0.233^***

0.592^***

(3.19)

(1.20)

(5.84)

(6.06)

N

8932

8932

8932

8932

R-squared

0.941

0.947

0.113

0.110