| 变量名称 | 模型1 | 模型2 | 模型3 | 模型4 |
| RPM (−1) | 0.3724 | 0.5320 | 0.8504 | 0.4434 |
| (−0.0008) | (−0.02578) | (0.0000) | (−0.0049) | |
| IFI | −0.0191 | −0.3742 | −0.0159 | −0.0219 |
| (−0.0005) | (−0.0310) | (0.0000) | (−0.0039) | |
| IFI2 | 0.0448 | 0.1894 | 0.0126 | 0.0135 |
| (−0.0008) | (−0.0103) | (0.0000) | (−0.0026) | |
| GDP |
| 0.2937 |
| 0.0021 |
|
| (−0.0428) |
| (−0.0022) | |
| FBC |
| 0.3206 |
| 0.0185 |
|
| (−0.0455) |
| (0.0022) | |
| M2 |
| −0.3079 |
| 0.0238 |
|
| (−0.1518) |
| (−0.0038) | |
| RNPL |
| −0.4627 |
| −0.1898 |
|
| (−0.2937) |
| (−0.0691) | |
| ALR |
| −1.2882 |
| −0.5301 |
|
| (−0.084075) |
| (−0.082935) | |
| 个体固定效应 | Control | Control | Control | Control |
| AR2检验 | −1.4376 | −1.1770 | 0.9504 | 0.9685 |
|
| (0.1237) | (−0.2046) | (−0.3012) | (−0.2926) |
| Sargan检验 | 36.3281 | 26.2020 | 36.1924 | 20.9015 |
| (−0.4792) | (−0.8688) | (−0.3138) | (−0.8620) |