花钱让人做了一下异质性分析,Y为企业的资本投入收益率,X为利率市场化指数化,然后将样本数据按照企业所在地进行了划分,划分为东部,中部和西部,但不知道数据出来的含义,跪求大神解释。L1y就是往后一年,以此类推
东部地区企业
(1) (2) (3) (4)
y L1.y L2.y L3.y
x1 0.6168** 1.8528** 5.4627** 11.6152**
(0.3104) (0.7675) (2.6413) (4.8561)
资产负债率 -0.7815 -2.2438** 0.0095 1.5391
(0.9938) (1.1317) (1.0432) (2.0013)
现金比率 0.0338*** 0.0650** 0.1283*** 0.1649*
(0.0120) (0.0301) (0.0455) (0.0958)
托宾Q值 0.1170*** 0.0831 0.0181 -0.1144
(0.0312) (0.0700) (0.0241) (0.1200)
企业年龄 -0.1328*** 0.0297 0.3515 0.0056
(0.0477) (0.1849) (0.4752) (0.0812)
HHI 0.3987 -2.3735 -5.6639 -2.5508
(0.4460) (2.7500) (5.7021) (2.7472)
_cons 2.5606*** 2.6317** 1.3658 11.0497***
(0.7532) (1.0697) (3.5485) (3.7897)
R2 0.0014 0.0016 0.0016 0.0014
N 10962 10402 9193 7863
中部地区企业
(1) (2) (3) (4)
y L1.y L2.y L3.y
x1 0.2080* 1.1843*** 1.8292*** 3.9147***
(0.1183) (0.3430) (0.4704) (1.1437)
资产负债率 -1.4995*** -0.9970*** -0.4396* -0.1246
(0.3981) (0.2747) (0.2394) (0.2132)
现金比率 -0.0077 -0.0053 0.0575 0.1006
(0.0345) (0.0542) (0.1001) (0.0890)
托宾Q值 0.0622*** -0.0130 -0.0428 -0.0277
(0.0192) (0.0217) (0.0266) (0.0306)
企业年龄 11.4898*** 5.4518*** 0.0000 0.0000
(1.1944) (1.4357) (.) (.)
HHI -0.3317 -0.1655 0.1895 0.7193
(0.2722) (0.4801) (0.4992) (0.6532)
_cons -1.8e+02*** -84.1392*** 2.2075*** 3.9544***
(19.3056) (22.9782) (0.4973) (1.0430)
R2 0.0995 0.0481 0.0468 0.0470
N 2388 2229 1972 1705
西部地区企业
(1) (2) (3) (4)
y L1.y L2.y L3.y
x1 0.2198* 1.0697*** 1.4827** 2.9246**
(0.1151) (0.3974) (0.5739) (1.2396)
资产负债率 -1.0408*** -0.7710*** -0.2574 -0.3122
(0.2662) (0.2648) (0.2151) (0.2421)
现金比率 0.0003 0.0130 0.0635*** 0.0381
(0.0117) (0.0213) (0.0222) (0.0424)
托宾Q值 0.0354 0.0787** -0.0058 -0.0549***
(0.0381) (0.0394) (0.0229) (0.0193)
企业年龄 -26.0590*** 0.3778 2.7998 3.8096
(3.5989) (4.5527) (3.0241) (3.1615)
HHI 0.0619 -0.0781 0.0699 0.3362
(0.3693) (0.6560) (0.4866) (0.4682)
_cons 430.1526*** -4.7084 -44.1163 -60.0910
(59.3401) (73.9298) (49.4880) (52.0895)
R2 0.0311 0.0433 0.0297 0.0364
N 1794 1668 1481 1286