模型

变量

不含哑变量的基准回归模型(全国模型)

含哑变量的扩展回归模型(分区域模型)

OLS

RE

FE

SGMM

OLS

RE

FE

SGMM

$Y_t$

0.917^***

(0.0167)

0.917^***

(0.0167)

0.683^***

(0.0397)

0.469^***

(0.0538)

0.914^***

(0.0182)

0.914^***

(0.0182)

0.638^***

(0.0439)

0.362^***

(0.0543)

$IF{I}_t$

−0.0551

(0.0283)

−0.0551

(0.0283)

0.0294

(0.0412)

−0.136^**

(0.0477)

−0.0636

(0.0362)

−0.0636

(0.0362)

−0.101

(0.0767)

−0.257^***

(0.0635)

$Cit{y}_t$

−0.0646(0.101)

−0.0646

(0.101)

−2.254^***

(0.413)

−0.270

(0.237)

−0.0984

(0.105)

−0.0984

(0.105)

−2.102^***

(0.468)

−0.854^**

(0.268)

$Gdp{p}_t$

−0.0313

(0.0727)

−0.0313

(0.0727)

0.0416

(0.0100)

−0.0468^***

(0.0114)

−0.0293

(0.0866)

−0.0293

(0.0866)

0.0138

(0.0119)

−0.0695^***

(0.0125)

$Indstru{c}_t$

−0.0527

(0.0680)

−0.0527

(0.0680)

0.226

(0.194)

0.904^***

(0.270)

−0.0677

(0.0688)

−0.0677

(0.0688)

0.241

(0.198)

0.686^*

(0.269)

${\left(D_{NE}\ast IFI\right)}_t$

-

-

-

-

0.0337

(0.0417)

0.0337

(0.0417)

0.143

(0.0798)

0.264^**

(0.0835)

${\left(D_E\ast IFI\right)}_t$

-

-

-

-

0.0066

(0.0398)

0.0066

(0.0398)

0.126

(0.0720)

0.446^***

(0.0762)

${\left(D_M\ast IFI\right)}_t$

-

-

-

-

−0.0354

(0.0408)

−0.0354

(0.0408)

0.150^*

(0.0723)

0.0482^***

(0.022)

C

0.269^**

(0.0942)

0.269^**

(0.0942)

1.939^***

(0.290)

1.608^***

(0.259)

0.303^**

(0.0988)

0.303^**

(0.0988)

2.017^***

(0.296)

2.338^***

(0.286)

N

310

310

310

310

310

310

310

310

Adj-R²

0.959

-

0.854

-

0.959

-

0.855

-

Wald χ²/F

F(5,304)

1463.03

chi2(5)

7315.145

F(5,274)

367.75

chi2(5)

2836.18

F(5,273)

1315.13

chi2(8)

7304.69

F(8,271)

233.09

chi2(8)

3028.44

sigma_u

-

0

0.2732

-

-

0

0.2522

-

sigma_e

-

0.1015

0.1015

-

-

0.1009

0.1009

-

rho

-

0

0.8787

-

-

0

0.86185

-