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

Table 7

Time series stationarity test.

Dependent variable	Lag two periods	Lag three periods
	−0.0044	−0.0049
	(−2.00)	(−1.75)
	Yes	Yes
Firm	Yes	Yes
Year	Yes	Yes
	11969	9876
	0.111	0.128