| 解释变量 | 内资企业系数 | 港澳台企业系数 | 外资企业系数 |
| lnEt-1 | 0.591*** | 0.376* | 0.358** |
| (16.380) | (6.700) | (2.44) | |
| lnGOV | −0.035 | 0.414** | 0.036 |
| (−0.720) | (3.680) | (0.460) | |
| lnIN | 0.461* | 7.046*** | 1.023 |
| (0.370) | (3.680) | (0.870) | |
| lnIUR | 0.051* | 0.342 | 0.088 |
| (−0.278) | (−0.410) | (0.680) | |
| lnEX | −0.152 | −0.084 | 0.126 |
| (−0.350) | (−1.390) | (1.290) | |
| lnAB | 0.013* | 0.619*** | 0.775** |
| (−0.430) | (5.280) | (2.470) | |
| lnIP | −0.064 | 0.074* | 0.085 |
| (−1.560) | (−0.410) | (−0.720) | |
| lnFDI | 0.017* | 0.143 | 0.135* |
| (0.086) | (0.600) | (0.250) | |
| lnSCA | 0.050* | 0.619*** | 0.059 |
| (0.100) | (5.280) | (0.955) | |
| AR(1) | 0.000 | 0.000 | 0.003 |
| AR(2) | 0.867 | 0.897 | 0.223 |
| sargan | 0.1153 | 0.184 | 0.163 |