变量

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

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

模型27

模型28

模型29

模型30

模型31

模型32

OA

1.819^***

1.847^***

1.774^***

2.865^***

2.841^***

2.689^***

(5.814)

(5.901)

(5.671)

(7.075)

(7.011)

(6.656)

IN

2.640^***

2.767^***

2.586^***

3.120^***

3.014^***

2.637^***

(50.18)

(36.19)

(31.53)

(45.83)

(30.44)

(24.90)

PA3

0.919^***

0.915^***

0.916^***

0.765^***

0.769^***

0.771^***

(118.5)

(114.9)

(115.2)

(76.23)

(74.60)

(75.10)

NS

0.0884^***

0.0899^***

0.0867^***

0.108^***

0.107^***

0.100^***

(3.290)

(3.346)

(3.230)

(3.113)

(3.075)

(2.894)

ND

43,743^***

45,490^***

39,863^***

71,624^***

70,168^***

58,468^***

(3.243)

(3.368)

(2.949)

(4.103)

(4.013)

(3.349)

EO

−366.6^***

−365.7^***

−364.3^***

−528.8^***

−529.5^***

−526.6^***

(−13.86)

(−13.83)

(−13.80)

(−15.45)

(−15.47)

(−15.44)

RO

−406.8^***

−407.4^***

−404.3^***

−585.7^***

−585.2^***

−578.6^***

(−14.93)

(−14.96)

(−14.86)

(−16.61)

(−16.59)

(−16.47)

G

−416.8^***

−417.4^***

−410.8^***

−597.8^***

−597.2^***

−583.3^***

(−11.75)

(−11.77)

(−11.59)

(−13.02)

(−13.01)

(−12.75)

CDN

−0.0892^**

0.261^***

0.0743

0.802^***

(−2.297)

(3.744)

(1.479)

(8.913)

CDN2

−7.13e−05^***

−1.48e−04^***

(−6.043)

(−9.731)

Constant

12.12

0.437

27.67

3.969

13.70

70.33

(0.116)

(0.00416)

(0.264)

(0.0292)

(0.101)

(0.519)

Observations

12,062

12,062

12,062

12,062

12,062

12,062

R-squared

0.723

0.723

0.724

0.580

0.580

0.583

Ajusted R2

0.583

0.583

0.583

0.583

0.583

0.583