步骤	描述	变量	DumCSR		CSR
步骤	描述	变量	系数	T值	系数	T值
1	Return on Ivol	Intercept	−0.1637	−19.03	−0.1663	−18.82
1	Return on Ivol	Ivol	−0.6687	−4.79	−0.6673	−4.75
2	Add candidate variables	Intercept	−0.1665	−16.65	−0.1614	−16.27
		Ivol	−0.9508	−5.03	−1.0390	−7.06
		CSR	0.0027	0.72	−0.0002	−1.65
		CSR ´ IV	0.3110	1.98	0.0156	4.51
3	Ivol on candidates variables	CSR	−0.0183	−40.29	−0.0005	−33.38
		CSR ´ IV	0.9600	54.55	0.0308	39.75
		Intercept	0.0191	61.79	0.0179	58.62
		R²	0.9151		0.7587
4	decompose stage 1 Ivol coefficient	CSR	−0.1060	15.85%	0.0179	−2.68%
		CSR ´ IV	−0.5193	77.66%	−0.4459	66.83%
		residual	−0.0434	6.49%	−0.2392	35.85%
		total	−0.6687	100.00%	−0.6673	100.00%