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

Table 3

Main results.

Dependent variable:	(a)	(b)	(c)
		−0.0024		−0.0031
(−3.12)			(−3.72)
		0.0117	0.0115
		(2.08)	(2.06)
		−0.0314	−0.0299
		(−4.60)	(−4.51)
		0.0005	0.0005
		(4.16)	(4.40)
		−0.0076	−0.0089
		(−6.41)	(−7.01)
		−0.0222	−0.0207
		(−3.57)	(−3.39)
		0.0094	0.0090
		(11.66)	(11.13)
		−0.0004	−0.0003
		(−0.60)	(−0.49)
		−0.0049	−0.0048
		(−2.82)	(−2.81)
		0.0000	0.0000
		(−0.75)	(−0.89)
	0.0295	0.2438	0.2103
	−1.91	(10.24)	(8.67)
Firm	Yes	Yes	Yes
Year	Yes	Yes	Yes
	17515	17515	17515
	0.050	0.087	0.088