set fvlabel specifies whether to display factor-variable value labels in coefficient tables. set fvlabel on, the default, specifies that the labels be displayed. set fvlabel off specifies that the levels of factor variables rather than the labels be displayed.
permanently specifies that, in addition to making the change right now, the setting be remembered and become the default setting when you invoke Stata.
对比下这个案例就能明白:
use https://www.stata-press.com/data/r16/jaw, clear
tab fracture
mvreg y1 y2 y3 = i.fracture  // 默认fvlabel on
*对比情形
set fvlabel off
mvreg y1 y2 y3 = i.fracture