|
| (1) | (2) | (3) | (4) |
| 第一阶段 | 第二阶段 | 第一阶段 | 第二阶段 | |
| IV1 | 0.074*** |
|
|
|
| (7.77) |
|
|
| |
| IV2 |
|
| 0.018*** |
|
|
|
| (4.47) |
| |
| DT |
| 1.108*** |
| 0.900*** |
|
| (6.39) |
| (3.19) | |
| _cons | −1.712*** | −1.659*** | −0.816*** | −1.744*** |
| (−5.33) | (−4.01) | (−2.81) | (−4.48) | |
| Controls | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| Observations | 9146 | 9146 | 9146 | 9146 |
| Kleibergen-Paaprk LM statistic | 57.390 | 57.390 | 19.805 | 19.805 |
| Cragg-Donald Wald F statistic | 57.709 | 57.709 | 19.474 | 19.474 |
| Kleibergen-Paaprk Wald F statistic | 60.444 | 60.444 | 19.95 | 19.95 |