回归(1)

回归(2)

回归(3)

$\ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right):{\alpha }_{\text{1}}$

0.974^***

(177.65)

0.981^***

(174.56)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right):{\alpha }_2$

−0.0996^***

(−6.48)

−0.0856^***

(−5.51)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast Over:{\alpha }_5$

−0.526^***

(−4.10)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast Stoc{k}_{i,t}:{\alpha }_3$

0.00308^**

(2.11)

0.00284^**

(2.58)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast perk{s}_{i,t}:{\alpha }_4$

−0.0284^**

(−2.16)

−0.107^**

(−2.60)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast Em{p}_{i,t}$

−0.0756

(−0.18)

−0.795^*

(−1.76)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast Rasse{t}_{i,t}$

0.0105

(1.42)

0.00541

(0.72)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast C{f}_{i,t}$

0.878^***

(5.92)

0.953^***

(6.43)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\ast Stat{e}_{i,t}$

−0.108^***

(−4.18)

−0.0736^***

(−2.76)

$Ove{r}_{i,t}$

−0.0173

(−0.49)

$Stoc{k}_{i,t}$

0.0000460

(0.14)

−0.000813^***

(−4.36)

−0.000000610

(−0.00)

$perk{s}_{i,t}$

0.0169

(0.35)

0.0987^***

(3.78)

0.0289

(0.60)

$Em{p}_{i,t}$

0.0116

(0.08)

0.391^***

(4.79)

−0.0387

(−0.26)

$Rasse{t}_{i,t}$

0.00308

(1.55)

0.00810^***

(7.65)

0.00276

(1.37)

$C{f}_{i,t}$

−0.0932^***

(−2.58)

−0.0800^***

(−4.09)

−0.0903^**

(−2.51)

$Stat{e}_{i,t}$

−0.0118^**

(−2.30)

−0.0128^***

(−4.44)

−0.0102^**

(−2.00)

常数项

0.00512

(0.69)

0.0730^***

(17.29)

0.00522

(0.67)

Year

控制

控制

控制

N

2963

2963

2963

ADJ-R²

0.932

0.0552

0.933

F

2261.4^***

18.29^***

2054.6^***