| Constant | α0 | 6.614(0.006)[973.037]{0.000} | 0.064(0.027)[2.385]{0.017} | 6.614(0.007)[912.824]{0.000} | 0.075(0.025)[2.993]{0.002} |
| D1: | β1 | 0.182(0.023)[7.903]{0.000} | 0.009(0.003)[2.726]{0.006} | 0.175(0.024)[7.167]{0.000} | 0.008(0.003)[2.590]{0.009} |
| D2: | β3 | 0.047(0.035)[1.345]{0.178} | –0.006(0.004)[–1.255]{0.209} | 0.053(0.037)[1.433]{0.151} | –0.005(0.004)[–1.087]{0.277} |
| D3: | β4 | –0.027(0.029)[–0.919]{0.358} | –0.0007(0.004)[–0.174]{0.861} | –0.025(0.031)[–0.825]{0.409} | –7.66E–06(0.004)[–0.001]{0.998} |
| D4: | β5 | 0.059(0.074)[0.796]{0.426} | 0.022(0.010)[2.140]{0.032} | 0.084(0.041)[2.066]{0.039} | 0.002(0.005)[0.541]{0.588} |
| D5: | β6 | 0.018(0.076)[0.236]{0.812} | –0.018(0.010)[–1.731]{0.083} | 0.093(0.040)[2.297]{0.021} | –0.0006(0.005)[–0.126]{0.899} |
| D6: | β7 | 0.154(0.055)[2.795]{0.005} | 0.004(0.007)[0.520]{0.603} | 0.059(0.020)[2.91]{0.003} | 0.002(0.002)[0.816]{0.414} |
| D7: | β8 | 0.048(0.062)[0.777]{0.437} | 0.003(0.008)[0.350]{0.725} | 0.047(0.098)[0.487]{0.625} | 0.002(0.013)[0.169]{0.865} |
| D8: | β9 | 0.036(0.059)[0.607]{0.543} | –0.015(0.008)[–1.897]{0.058} | –0.075(0.097)[–0.769]{0.441} | –0.007(0.012)[–0.611]{0.540} |
| D9: | β10 | –0.110(0.049)[–2.236]{0.0255 | 0.005(0.006)[0.855]{0.392} | –0.193(0.045)[–4.216]{0.000} | –0.001(0.006)[–0.259]{0.795} |
| D10: | β11 | –0.341(0.018)[–18.161]{0.000} | –0.007(0.002)[–2.389]{0.0170} | –0.332(0.043)[–7.560]{0.000} | –0.002(0.005)[–0.424]{0.671} |
| D11: | β12 | –0.218(0.018)[–11.631]{0.000} | 0.002(0.002)[0.755]{0.450} |
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| Renminbit-1 | δ1 |
| 0.922(0.028)[31.916]{0.000} |
| 0.927(0.028)[32.138]{0.000} |
| Renminbit-2 | δ2 |
| 0.067(0.028)[2.343]{0.019} |
| 0.060(0.028)[2.106]{0.035} |
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| R2 | 0.723 | 0.994 | 0.686 | 0.994 |
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| Akaike info | –1.256 | –5.116 | –1.086 | –5.116 |
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| criterion | –1.206 | –5.153 | –1.115 | –5.150 |
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| Schwarz | –1.237 | 1.996 | 0.025 | 1.997 |
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