(1)

(2)

(3)

变量

Risk

Risk

Risk

Exchange

0.0171***

0.00345**

−0.0137***

(0.000160)

(0.00161)

(0.00179)

常数项

−6.03e−05***

−0.0273***

−0.0272***

(4.37e−07)

(4.14e−06)

(3.33e−06)

Anderson canon. corr. LM统计量

2.5e+04 [0.0000]

1.3e+04 [0.0000]

5523.815 [0.0000]

Cragg-Donald Wald F统计量

1.3e+04 [19.93]

6787.687 [19.93]

2800.625 [19.93]

Sargan统计量

7812.249 [0.0000]

359.514 [0.0000]

1.1e+04 [0.0000]

控制变量

Yes

Yes

Yes

控制时间

Yes

Yes

Yes

控制个体

Yes

Yes

Yes

观测值

398,852

398,852

398,852