xtabond2  lny lag_lny lns lnl lnf lnm lnr lne,gmm( lny  lnr  )iv( l(0/1).(  ln
> s lnl lnf lnm lnr lne))robust

Favoring space over speed. To switch, type or click on mata: mata set matafavor
> speed, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
  Using a generalized inverse to calculate robust weighting matrix for Hansen te
> st.
  Difference-in-Sargan/Hansen statistics may be negative.
Dynamic panel-data estimation, one-step system GMM
------------------------------------------------------------------------------
Group variable: pro                             Number of obs      =       522
Time variable : year                            Number of groups   =        29
Number of instruments = 365                     Obs per group: min =        18
Wald chi2(7)  = 175086.64                                      avg =     18.00
Prob > chi2   =     0.000                                      max =        18
------------------------------------------------------------------------------
             |               Robust
         lny |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     lag_lny |   .9394033   .0166805    56.32   0.000       .90671    .9720966
         lns |  -.0083377   .0097693    -0.85   0.393    -.0274852    .0108099
         lnl |  -.0012111   .0060213    -0.20   0.841    -.0130127    .0105905
         lnf |   .0500582   .0146019     3.43   0.001     .0214391    .0786774
         lnm |   -.001922   .0091211    -0.21   0.833     -.019799    .0159549
         lnr |   .0332994   .0114264     2.91   0.004     .0109042    .0556947
         lne |  -.0011207   .0046717    -0.24   0.810    -.0102771    .0080357
       _cons |  -.0372584   .0794704    -0.47   0.639    -.1930175    .1185007
------------------------------------------------------------------------------
Instruments for first differences equation
  Standard
    D.(lns L.lns lnl L.lnl lnf L.lnf lnm L.lnm lnr L.lnr lne L.lne)
  GMM-type (missing=0, separate instruments for each period unless collapsed)
    L(1/.).(lny lnr)
Instruments for levels equation
  Standard
    _cons
    lns L.lns lnl L.lnl lnf L.lnf lnm L.lnm lnr L.lnr lne L.lne
  GMM-type (missing=0, separate instruments for each period unless collapsed)
    D.(lny lnr)
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z =  -2.74  Pr > z =  0.006
Arellano-Bond test for AR(2) in first differences: z =   0.17  Pr > z =  0.866
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(357)  = 852.46  Prob > chi2 =  0.000
  (Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(357)  =  28.83  Prob > chi2 =  1.000
  (Robust, but can be weakened by many instruments.)
Difference-in-Hansen tests of exogeneity of instrument subsets:
  GMM instruments for levels
    Hansen test excluding group:     chi2(324)  =  28.83  Prob > chi2 =  1.000
    Difference (null H = exogenous): chi2(33)   =  -0.00  Prob > chi2 =  1.000
  gmm(lny lnr, lag(1 .))
    Hansen test excluding group:     chi2(5)    =  19.92  Prob > chi2 =  0.001
    Difference (null H = exogenous): chi2(352)  =   8.91  Prob > chi2 =  1.000
  iv(lns L.lns lnl L.lnl lnf L.lnf lnm L.lnm lnr L.lnr lne L.lne)
    Hansen test excluding group:     chi2(345)  =  28.91  Prob > chi2 =  1.000
    Difference (null H = exogenous): chi2(12)   =  -0.07  Prob > chi2 =  1.000
.

请大家帮忙看看这个结果行不行，或者那里可以改进，谢谢了