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

Table 9

Homogeneous index substitution test.

Dependent variable:	(a)	(b)	(c)	(d)	(e)	(f)
		−0.0031	−0.0029	0.0043	0.0038	−0.0516	−0.0571
(−2.61)		(−2.46)	(3.20)	(2.93)	(−2.17)	(−2.42)
Control	Yes	Yes	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
	17515	17515	17240	17240	17514	17514
	0.088	0.067	0.089	0.068	0.091	0.069