变量

固定效应模型

差分GMM模型

FT

0.144^***

(−8.37)

0.112

(−0.83)

GI

0.044

(−0.47)

−0.141

(−1.32)

UL

0.144^**

(−2.01)

0.138

(−1.61)

FS

0.025

(−0.65)

−0.064

(−1.15)

_Cons

0.242^***

(−7.16)

0.719

(−1.2)

L.Hqd

0.676^***

(−4.71)

L2.Hqd

−0.002

(−0.02)

N

117

117

Hausman

20.28

AR (2)

0.447

Hansen

1