*-panel average, 5 year

*-https://bbs.pinggu.org/thread-1225240-1-1.html

  use http://www.stata-press.com/data/r11/invest2.dta, clear
  
  tsset company time
  egen yr5 = seq(), from(1) block(5)
  
  local vlist " invest market stock" //填入需要转换的变量名称
  foreach v of varlist `vlist'{
     bysort company yr5: egen av_`v' = mean(`v')
  }
  
  reg av_invest av_market av_stock
  
  duplicates drop company yr5, force
  reg av_invest av_market av_stock

第二个问题不好说，要看具体分析的问题了。