下面是我的程序
esttab a1 a2 using 基准回归结果.rtf,b(%12.4f) p(%12.4f) mtitle star(* 0.1 ** 0.05 *** 0.01) nogap brackets r2 replace
. egen age=median(Age)
. winsor2 Invest if D==0&Age<=age,cut(30 100) replace
. winsor2 Invest if D==1&Age<=age,cut(0 70) replace
.
. reghdfe Invest D Size Growth OCF Cash Q Sales Lev Nature Age Top1 ROE Adm if Age>age,absorb(股票代码 日期) vce(robust)
下面是本步骤stata的显示
(dropped 93 singleton observations)
显示age 与固定效应有了共线性
HDFE Linear regression Number of obs = 11,268
Absorbing 2 HDFE groups F( 12, 9839) = 28.61
Prob > F = 0.0000
R-squared = 0.3764
Adj R-squared = 0.2859
Within R-sq. = 0.0617
Root MSE = 0.0333
------------------------------------------------------------------------------
| Robust
Invest | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
D | .0155557 .0020592 7.55 0.000 .0115192 .0195922
Size | .015068 .0012192 12.36 0.000 .012678 .017458
Growth | .0000855 .0000169 5.07 0.000 .0000524 .0001186
OCF | .0123089 .0068862 1.79 0.074 -.0011895 .0258072
Cash | -.0252583 .0056201 -4.49 0.000 -.0362748 -.0142418
Q | -.0001788 .0004021 -0.44 0.657 -.0009669 .0006094
Sales | -.0037819 .0011969 -3.16 0.002 -.006128 -.0014357
Lev | -.0002082 .0000449 -4.64 0.000 -.0002962 -.0001202
Nature | -.0044805 .0031356 -1.43 0.153 -.0106268 .0016659
Age | 0 (omitted)
.....
这是结果,age 直接被忽略掉,不知道我描述清楚没有,请大神指教,这种情况该如何处理