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

Table 15

The significance of each variable coefficient under the three-factor mixed model.

Variable	ERV + M1L + CPIL (three-factor mixture)	ERL + M1L + CPIL (three-factor level)	ERV + M1V + CPIV (three-factor fluctuation)
θ^1	(5%) significantly negative	(10%) significantly negative	Not significant
θ^2	(10%) significantly negative	(10%) significantly negative	Not significant
θ^3	Not significant	Not significant	Not significant