Does the Stock Market Affect the Real Economy? An Empirical Analysis Based on China’s Stock Market Liquidity

Table 11

Heterogeneity analysis of the information transmission mechanism.

Dependent variable	(a)	(b)	(c)	(d)
		−0.0031	−0.0028	−0.0046	−0.0041
(−2.61)		(−2.12)	(−3.79)	(−4.35)
		−0.0016	0.0032	0.0059
		(−1.75)	(3.89)	(8.3)
	0.0233	0.0238	0.0707
	(2.01)	(2.08)	(4.09)
				0.1991
				(13.34)
	−0.0286	−0.0416	−0.0303	−0.0133
	(−4.51)	(−2.19)	(−4.77)	(−2.88)
Control	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
	17515	17515	17515	17515
	0.088	0.088	0.088	0.375

Note. , and indicate significant at the level of 1%, 5%, and 10%, respectively; in column (b), ; in column (c), ; and in column (d), .