VARIABLES

2sls

hqe

缩减年份

hqe

缩尾处理

hqe

dif

2.349^***

0.388^***

0.306^***

(0.604)

(7.46)

(7.93)

tax

0.438^***

−0.028

−0.091^**

(0.151)

(−0.32)

(−3.43)

gov

−0.114

0.126^**

0.119^***

(0.181)

(3.55)

(10.63)

fd

0.016

−0.051

−0.063^**

(0.056)

(−1.51)

(−4.51)

Constant

−14.034^***

−3.478^***

−3.219^***

(3.672)

(−10.37)

(−16.55)

Observations

150

120

150

Number of groups

30

30

30