变量

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

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

模型21

模型22

模型23

模型24

模型25

模型26

OA

1.819^***

1.865^***

1.870^***

2.865^***

2.911^***

2.838^***

(5.814)

(5.965)

(5.975)

(7.075)

(7.192)

(7.004)

IN

2.640^***

3.053^***

3.057^***

3.120^***

3.539^***

3.479^***

(50.18)

(32.69)

(32.44)

(45.83)

(29.27)

(28.53)

PA3

0.919^***

0.914^***

0.913^***

0.765^***

0.760^***

0.761^***

(118.5)

(116.9)

(116.9)

(76.23)

(75.10)

(75.22)

NS

0.0884^***

0.0908^***

0.0908^***

0.108^***

0.111^***

0.111^***

(3.290)

(3.383)

(3.382)

(3.113)

(3.184)

(3.189)

ND

43,743^***

44,315^***

44,277^***

71,624^***

72,205^***

72,707^***

(3.243)

(3.289)

(3.286)

(4.103)

(4.139)

(4.169)

EO

−366.6^***

−361.7^***

−361.8^***

−528.8^***

−523.9^***

−523.2^***

(−13.86)

(−13.69)

(−13.69)

(−15.45)

(−15.31)

(−15.29)

RO

−406.8^***

−406.6^***

−406.8^***

−585.7^***

−585.6^***

−583.8^***

(−14.93)

(−14.94)

(−14.94)

(−16.61)

(−16.62)

(−16.57)

G

−416.8^***

−416.4^***

−416.9^***

−597.8^***

−597.5^***

−591.2^***

(−11.75)

(−11.75)

(−11.76)

(−13.02)

(−13.02)

(−12.88)

CN

−0.435^***

−0.463^***

−0.441^***

−0.0652

(−5.347)

(−4.063)

(−4.190)

(−0.442)

CN2

1.34e−05

−1.77e−04^***

(0.356)

(−3.634)

Constant

12.12

2.982

3.633

3.969

−5.299

−13.91

(0.116)

(0.0285)

(0.0347)

(0.0292)

(−0.0391)

(−0.103)

Observations

12,062

12,062

12,062

12,062

12,062

12,062

R-squared

0.723

0.724

0.724

0.580

0.581

0.581

Ajusted R2

0.581

0.581

0.581

0.581

0.581

0.581