[Retracted] Quantitative Evaluation Model of Stock Market Liquidity by Macroeconomic Factors

Table 13

Coefficient significance of two-factor volatility.

Variable	M1+CPI	ER + M1	ER + CPI
	Not significant	Not significant	Significantly negative at the 10% level
	Not significant	Significantly positive at the 1% level	Not significant

Note. is significant at 10% level; is significant at 5% level; is significant at 1% level.