(1)

(2)

(4)

VARIABLES

DIFI

FC

FC

DIFI

−0.266^**

−0.312^***

(−2.50)

(−3.96)

L.DIFI

0.802^***

(80.70)

Constant

0.082^***

−2.187^***

−3.600^***

(29.86)

(−102.86)

(−147.90)

控制变量

YES

YES

YES

个体固定

YES

YES

YES

时间固定

YES

YES

YES

Observations

8851

8851

10011

R-squared

0.998

0.911

0.976

Kleibergen-Paap rk LM statistic

851.511^***

Kleibergen-Paap rk Wald F statistic

6512.395

(16.38)