|
| (1) | (2) | (3) | (4) | (5) | (6) |
|
| USD-CNY | EUR-CNY | JPY-CNY | |||
| 变量 | Risk | Risk | Risk | Risk | Risk | Risk |
| Exchange | 0.0124*** | 0.0124*** | 0.0124*** | 0.0124*** | −9.55e−05*** | −9.24e−05*** |
| (3.05e−05) | (3.05e−05) | (3.05e−05) | (3.05e−05) | (1.81e−05) | (1.79e−05) | |
| Exchange * forinvest | 4.13e−05*** |
| 4.13e−05*** |
| 5.37e−05* |
|
| (9.98e−06) |
| (9.98e−06) |
| (2.92e−05) |
| |
| Exchange * forinvest_c |
| 4.13e−05*** |
| 4.13e−05*** |
| 5.37e−05* |
|
| (9.98e−06) |
| (9.98e−06) |
| (2.92e−05) | |
| 常数项 | −1.07e−05*** | −1.07e−05*** | −0.0283*** | −0.0283*** | −0.0283*** | −0.0283*** |
|
| (1.77e−07) | (1.77e−07) | (5.21e−07) | (5.22e−07) | (5.42e−07) | (5.41e−07) |
| 控制变量 | Yes | Yes | Yes | Yes | Yes | Yes |
| 控制时间 | Yes | Yes | Yes | Yes | Yes | Yes |
| 控制个体 | Yes | Yes | Yes | Yes | Yes | Yes |
| 观测量 | 733,769 | 733,769 | 733,769 | 733,769 | 733,769 | 733,769 |
| R2 | 1.000 | 1.000 | 0.998 | 0.998 | 0.998 | 0.998 |
| 企业数 | 3066 | 3066 | 3066 | 3066 | 3066 | 3066 |