|
| 第一阶段 | PanelA：引入外资大股东 | PanelB：外资大股东持股比例 |
| 第二阶段 | 第二阶段 | ||
| F.export_if | 2.6297*** |
|
|
|
| (222.036) |
|
|
| Foreign_if |
| 0.0153*** |
|
|
|
| (4.008) |
|
| Foreign_rate |
|
| 0.0791*** |
|
|
|
| (4.092) |
| Imr |
| −0.0001 | 0.0002 |
|
|
| (−0.009) | (0.015) |
| _cons | −0.7594*** | 0.1706*** | 0.1685*** |
|
| (−7.823) | (5.343) | (5.275) |
| Control | Yes | Yes | Yes |
| Year | NO | Yes | Yes |
| Idcode | NO | Yes | Yes |
| N | 570819 | 253754 | 253754 |
| Adj-R2 | 0.158 | 0.162 | 0.162 |