Research on the Stock Correlation Network Entropy and Its Influencing Factors in the Chinese Interbank Market

Table 4

The regression results of the factors affecting the network entropy.

Variables	HR		HT
	RE	FE	RE	FE
	(1)	(2)	(3)	(4)
C	0.153	0.149	0.003	0.003
	(14.88)	(14.73)	(10.68)	(10.82)
D	0.651	0.655	0.013	0.013
	(62.63)	(64.42)	(45.82)	(48.03)
Roa	0.747	0.612	0.019	0.015
	(7.59)	(6.18)	(7.79)	(6.40)
RV	−0.151	−0.177	−0.004	−0.005
	(−9.76)	(−11.45)	(−10.15)	(−12.05)
Size	0.001	0.007	0.000	0.000
	(1.65)	(3.67)	(1.50)	(4.31)
Age	−0.000	−0.004	−0.000	−0.000
	(−0.36)	(−2.14)	(−0.55)	(−2.65)
Constant	0.584	0.446	0.613	0.609
	(20.66)	(12.03)	(7.86)	(6.89)
Observations	1,920	1,920	1,920	1,920
R-squared	0.868	0.226	0.801	0.088
Hausman test
Chi-square	264.51		12.43

Note. FE and RE represent fixed-effect and random-effect estimations, respectively. Chi-square refers to the Hausman test values. denotes significance at the 10% level; denotes significance at the 5% level; denotes significance at the 1% level; T-statistics are reported in parentheses under the estimated coefficient and are based on robust standard errors.