|
| (1) | (2) | (3) | (4) | (5) | (6) |
|
| USD-CNY | EUR-CNY | JPY-CNY | |||
| 变量 | Risk | Risk | Risk | Risk | Risk | Risk |
| Exchange | 0.0202*** | 0.0125*** | 0.000465*** | 0.000453*** | −9.18e−05*** | −9.27e−05*** |
|
| (0.00135) | (0.000165) | (0.000110) | (1.67e−05) | (1.82e−05) | (1.79e−05) |
| price |
| 4.01e−08*** |
| 5.68e−10 |
| 6.78e−10 |
|
|
| (1.15e−08) |
| (8.82e−09) |
| (8.87e−09) |
| 日收盘价 |
| 0.00382*** |
| 2.30e−06 |
| 2.53e−06 |
|
|
| (0.000907) |
| (3.82e−05) |
| (3.81e−05) |
| 日个股回报率 |
| 6.20e−05** |
| 0.00975*** |
| 0.00975*** |
|
|
| (2.67e−05) |
| (3.03e−05) |
| (3.02e−05) |
| 收盘价 |
| 7.92e−09 |
| −3.26e−10 |
| −2.27e−10 |
|
|
| (7.07e−09) |
| (5.32e−09) |
| (5.19e−09) |
| 市场类型 |
| −6.03e−09 |
| −1.02e−09 |
| −1.17e−09 |
|
|
| (7.42e−09) |
| (5.85e−09) |
| (5.72e−09) |
| 交易状态 |
| −1.19e−05*** |
| 7.60e−07* |
| 7.34e−07* |
|
|
| (3.21e−06) |
| (4.03e−07) |
| (4.05e−07) |
| 涨跌幅 |
| 0.00518*** |
| 8.58e−05*** |
| 8.62e−05*** |
|
|
| (0.000922) |
| (1.60e−05) |
| (1.60e−05) |
| 常数项 | 0.000101*** | 7.86e−06** | −0.0282*** | −0.0283*** | −0.0283*** | −0.0283*** |
|
| (4.87e−06) | (3.74e−06) | (5.87e−06) | (5.19e−07) | (2.30e−07) | (5.40e−07) |
| 观测量 | 733,769 | 733,769 | 733,769 | 733,769 | 733,769 | 733,769 |
| R2 | 0.147 | 0.971 | 0.930 | 0.998 | 0.998 | 0.998 |
| 企业数 | 3066 | 3066 | 3066 | 3066 | 3066 | 3066 |