变量

${\text{IP}}_{t_0}$

${\text{IP}}_{t_1}$

模型11

模型12

模型13

模型14

模型15

模型16

OA

1.819^***

1.820^***

1.843^***

2.865^***

1.820^***

2.880^***

(5.814)

(5.811)

(5.879)

(7.075)

(5.811)

(7.095)

IN

2.640^***

2.640^***

2.654^***

3.120^***

2.640^***

3.128^***

(50.18)

(50.18)

(49.73)

(45.83)

(50.18)

(45.28)

PA3

0.919^***

0.919^***

0.919^***

0.765^***

0.919^***

0.765^***

(118.5)

(118.4)

(118.3)

(76.23)

(118.4)

(76.14)

NS

0.0884^***

0.0884^***

0.0885^***

0.108^***

0.0884^***

0.108^***

(3.290)

(3.290)

(3.294)

(3.113)

(3.290)

(3.114)

ND

43,743^***

43,789^***

43,471^***

71,624^***

43,789^***

71,487^***

(3.243)

(3.244)

(3.220)

(4.103)

(3.244)

(4.091)

EO

−366.6^***

−366.6^***

−368.2^***

−528.8^***

−366.6^***

−529.8^***

(−13.86)

(−13.85)

(−13.91)

(−15.45)

(−13.85)

(−15.46)

RO

−406.8^***

−406.8^***

−407.2^***

−585.7^***

−406.8^***

−586.0^***

(−14.93)

(−14.93)

(−14.94)

(−16.61)

(−14.93)

(−16.61)

G

−416.8^***

−416.8^***

−419.8^***

−597.8^***

−416.8^***

−599.5^***

(−11.75)

(−11.75)

(−11.81)

(−13.02)

(−11.75)

(−13.04)

CCT

1.011

−136.4

1.011

−78.51

(0.0847)

(−1.558)

(0.0847)

(−0.693)

CCT2

140.4

81.24

(1.585)

(0.708)

Constant

12.12

11.67

15.52

3.969

11.67

5.747

(0.116)

(0.111)

(0.148)

(0.0292)

(0.111)

(0.0423)

Observations

12,062

12,062

12,062

12,062

12,062

12,062

R-squared

0.723

0.723

0.723

0.580

0.723

0.580

Ajusted R2

0.580

0.580

0.580

0.580

0.580

0.580