Method 08 · robustness
稳健性检验
用同一份企业面板跑出可解释的模型证据
稳健性检验 的 Markdown 风格教程：基于共用 CSMAR 风格案例生成实际代码、结果表和案例图。
一、稳健性检验是什么？
这页是 稳健性检验 的方法文档。所有表格和图都由 marketing/method_case_assets/generate_assets.py 从同一份 csmar_innovation_realistic.csv 生成，避免用占位图充当教程。重点是用 firm-year 面板说明模型设定、固定效应、聚类标准误和结果解读。
二、按这个案例走一遍
开始前先确认
- 先有明确的基准回归。没有主结果，就谈不上稳健性。
- 稳健性要有理由：缩尾、换变量、换模型、换样本都必须解释为什么合理。
- 稳健性看方向、量级和显著性是否大体一致，不要求每个数字完全一样。
- 不要只保留显著的稳健性结果；不一致的结果也需要解释。
操作顺序
| 步骤 | 你在做什么 | 做到什么程度算对 |
|---|---|---|
| 1. 选一个扰动 | 例如 1%-99% 缩尾。 | 扰动要能回应一个真实风险。 |
| 2. 重新生成变量 | 对 Y、X 或控制变量做一致处理。 | 不要只处理能让结果好看的变量。 |
| 3. 重跑主模型 | 固定效应和标准误口径保持一致。 | 否则差异可能来自模型变了。 |
| 4. 对比核心系数 | 看 DFI 系数和 p 值。 | 方向不变且量级接近，稳健性较好。 |
| 5. 写边界 | 说明稳健性覆盖了什么风险。 | 不要写成“所有稳健性均通过”这种空话。 |
代码逐行解释
| 代码/命令 | 这行在干什么 |
|---|---|
| winsor2 ... cuts(1 99) | 按 1% 和 99% 分位缩尾，降低极端值影响。 |
| suffix(_w) | 给缩尾变量加后缀，避免覆盖原始变量。 |
| xtreg ln_patent1_w dfi_index_w ... | 用缩尾后的变量重跑主模型。 |
| vce(cluster firm_id) | 标准误口径和基准回归保持一致。 |
| export delimited | 保存稳健性表，和基准表并排比较。 |
结果表怎么读
| 格子 | 读法 |
|---|---|
| 基准系数 | 原始主模型的 DFI 系数。 |
| 缩尾系数 | 处理极端值后的 DFI 系数。 |
| 系数变化 | 变化很小，说明主结果不太依赖极端值；变化很大就要解释。 |
| 缩尾后 p 值 | 显著性是否保持，但不能只看它。 |
最容易写错的地方
- 不要把稳健性当成“多跑几张显著表”。每个检验都要对应一个风险。
- 不要换了样本、变量、标准误，却只说结果稳健；要说明到底换了什么。
- 不要因为稳健性不显著就偷偷删掉。真实教程应该告诉读者如何解释冲突。
自己复现时要做到
复现时做一张对照小表：基准系数、稳健系数、差值、你的解释。
三、先看这个案例的结论
- dfi_index = 0.5660***；0.5530***。
- roa = 0.3040***；0.2924***。
- lev = -0.0548；-0.0545。
- 这些数字来自页面里的结果表；写论文时先解释数值含义，再讨论理论含义。
四、案例口径
| 字段 | 口径 |
|---|---|
| 数据 | CSMAR 风格 A 股企业创新面板 |
| 原始样本 | 196 家上市公司，2015-2020 年，约 1200 个公司-年观测；各方法有效样本以本页输出表 N 为准 |
| 因变量 | patent_count；回归页通常使用 ln(1 + patent_count) |
| 核心解释变量 | dfi_index，数字普惠金融指数；部分真实烟测输出展示的是标准化后的 dfi_index |
| 控制变量 | roa、lev、size、growth、cashflow、tobinq、top1、dual、board、indep、soe、age |
| 输出文件 | regression_table_稳健性检验.csv |
| 角色要求 | dv、iv |
| 依赖包 | 无额外 Stata 社区包要求 |
五、实际代码
下面是本页对应的最小可复现 Stata 代码。生产环境里 empirical-wizard 会在此基础上处理变量映射、输出校验、失败诊断和报告装配。
log using "/root/workspace/empirical-wizard/workspace/2a35153b/analysis.log", replace text
global JOB_DIR "/root/workspace/empirical-wizard/workspace/2a35153b"
set more off
adopath + "/root/ado/plus"
global DATA_PATH "/root/workspace/empirical-wizard/workspace/test_e2e/csmar_innovation.csv"
import delimited "/root/workspace/empirical-wizard/workspace/test_e2e/csmar_innovation.csv", clear case(preserve)
capture confirm global JOB_DIR
if _rc global JOB_DIR "."
quietly duplicates drop
local dvvar "patent_count"
local ivvar "dfi_index"
local controls "roa lev size growth cashflow tobinq top1 dual board indep soe age"
local idvar "stkcd"
local timevar "year"
local industryvar "ind"
local geovar ""
local allvars "dfi_index roa lev size growth cashflow tobinq top1 dual board indep soe age"
capture confirm variable `dvvar'
if _rc {
di as error "Dependent variable not found: `dvvar'"
exit 111
}
capture confirm variable `ivvar'
if _rc {
di as error "Core independent variable not found: `ivvar'"
exit 111
}
local absorb_id "`idvar'"
if "`idvar'" != "" {
capture confirm numeric variable `idvar'
if _rc {
tempvar __ewiz_id
encode `idvar', gen(`__ewiz_id')
local absorb_id "`__ewiz_id'"
}
}
local cluster_id "`absorb_id'"
local fe_time "`timevar'"
if "`timevar'" != "" {
capture confirm numeric variable `timevar'
if _rc {
tempvar __ewiz_time
encode `timevar', gen(`__ewiz_time')
local fe_time "`__ewiz_time'"
}
}
local industry_fe "`industryvar'"
if "`industryvar'" != "" {
capture confirm numeric variable `industryvar'
if _rc {
tempvar __ewiz_industry
encode `industryvar', gen(`__ewiz_industry')
local industry_fe "`__ewiz_industry'"
}
}
local cluster_industry "`industry_fe'"
local geo_fe "`geovar'"
if "`geovar'" != "" {
capture confirm numeric variable `geovar'
if _rc {
tempvar __ewiz_geo
encode `geovar', gen(`__ewiz_geo')
local geo_fe "`__ewiz_geo'"
}
}
local cluster_geo "`geo_fe'"
tempfile ewiz_summary
tempname ewiz_sum
postfile `ewiz_sum' str32 spec double coef se pvalue str4 stars double N R2 using `ewiz_summary', replace
foreach v of local allvars {
local cell_r1_`v' ""
local secell_r1_`v' ""
local cell_r2_`v' ""
local secell_r2_`v' ""
local cell_r3_`v' ""
local secell_r3_`v' ""
local cell_r4_`v' ""
local secell_r4_`v' ""
local cell_r7_`v' ""
local secell_r7_`v' ""
}
preserve
quietly areg `dvvar' `ivvar' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`fe_time', absorb(`absorb_id') vce(cluster `cluster_id' `fe_time')
restore
capture local N_r1 : display %12.0f e(N)
if "`N_r1'"=="" local N_r1 = .
capture local R2_r1 : display %9.4f e(r2)
if "`R2_r1'"=="" local R2_r1 = .
capture scalar __ewiz_main_b_r1 = _b[`ivvar']
capture scalar __ewiz_main_se_r1 = _se[`ivvar']
capture local coefmain_r1 : display %9.4f __ewiz_main_b_r1
capture if abs(__ewiz_main_b_r1) < 0.00005 & __ewiz_main_b_r1 != 0 local coefmain_r1 : display %9.2e __ewiz_main_b_r1
capture local semain_r1 : display %9.4f __ewiz_main_se_r1
capture if abs(__ewiz_main_se_r1) < 0.00005 & __ewiz_main_se_r1 != 0 local semain_r1 : display %9.2e __ewiz_main_se_r1
local pmain_r1 = .
local starsmain_r1 ""
local __ewiz_model_valid_r1 = 1
capture scalar __ewiz_coef_abs_r1 = abs(_b[`ivvar'])
if _rc local __ewiz_model_valid_r1 = 0
capture scalar __ewiz_se_abs_r1 = abs(_se[`ivvar'])
if _rc local __ewiz_model_valid_r1 = 0
capture if scalar(__ewiz_se_abs_r1) <= 1e-12 local __ewiz_model_valid_r1 = 0
capture if scalar(__ewiz_coef_abs_r1) <= 1e-12 & scalar(__ewiz_se_abs_r1) <= 1e-12 local __ewiz_model_valid_r1 = 0
capture local __df_r1 = e(df_r)
capture local __z_r1 = abs(_b[`ivvar'] / _se[`ivvar'])
if !_rc & `__ewiz_model_valid_r1' == 1 {
if "`__df_r1'"=="" | "`__df_r1'"=="." local pmain_r1 = 2*(1-normal(`__z_r1'))
else local pmain_r1 = 2*ttail(`__df_r1', `__z_r1')
}
if `__ewiz_model_valid_r1' == 1 local starsmain_r1 = cond(`pmain_r1'<0.01,"***",cond(`pmain_r1'<0.05,"**",cond(`pmain_r1'<0.1,"*","")))
if `__ewiz_model_valid_r1' == 1 {
capture post `ewiz_sum' ("(R1)") (_b[`ivvar']) (_se[`ivvar']) (`pmain_r1') ("`starsmain_r1'") (`N_r1') (`R2_r1')
if _rc post `ewiz_sum' ("(R1)") (.) (.) (.) ("") (`N_r1') (`R2_r1')
}
else post `ewiz_sum' ("(R1)") (.) (.) (.) ("") (`N_r1') (`R2_r1')
if `__ewiz_model_valid_r1' == 1 {
local __included_vars "`ivvar' dfi_index roa lev size growth cashflow tobinq top1 dual board indep soe age"
foreach v of local allvars {
local __is_included = 0
foreach __inc of local __included_vars {
if "`v'" == "`__inc'" local __is_included = 1
}
if `__is_included' == 0 continue
local model_term "`v'"
if "`v'" == "`ivvar'" local model_term "`ivvar'"
capture scalar __ewiz_term_b = _b[`model_term']
capture scalar __ewiz_term_se = _se[`model_term']
if _rc | missing(__ewiz_term_se) | __ewiz_term_se <= 1e-12 {
local cell_r1_`v' "omitted"
local secell_r1_`v' "(absorbed)"
continue
}
capture local __coef : display %9.4f __ewiz_term_b
capture if abs(__ewiz_term_b) < 0.00005 & __ewiz_term_b != 0 local __coef : display %9.2e __ewiz_term_b
if !_rc {
capture local __se : display %9.4f __ewiz_term_se
capture if abs(__ewiz_term_se) < 0.00005 & __ewiz_term_se != 0 local __se : display %9.2e __ewiz_term_se
local __p = .
local __stars ""
capture local __df = e(df_r)
capture local __z = abs(_b[`model_term'] / _se[`model_term'])
if !_rc {
if "`__df'"=="" | "`__df'"=="." local __p = 2*(1-normal(`__z'))
else local __p = 2*ttail(`__df', `__z')
}
if !_rc local __stars = cond(`__p'<0.01,"***",cond(`__p'<0.05,"**",cond(`__p'<0.1,"*","")))
local cell_r1_`v' "`__coef'`__stars'"
local secell_r1_`v' "(`__se')"
}
}
}
di "(R1): `ivvar'=`coefmain_r1'`starsmain_r1' (se=`semain_r1', p=`pmain_r1'), N=`N_r1', R2=`R2_r1'"
tempvar dv_w iv_w
gen double `dv_w' = `dvvar'
gen double `iv_w' = `ivvar'
quietly summarize `dvvar', detail
local dv_p1 = r(p1)
local dv_p99 = r(p99)
replace `dv_w' = `dv_p1' if !missing(`dv_w') & `dv_w' < `dv_p1'
replace `dv_w' = `dv_p99' if !missing(`dv_w') & `dv_w' > `dv_p99'
quietly summarize `ivvar', detail
local iv_p1 = r(p1)
local iv_p99 = r(p99)
replace `iv_w' = `iv_p1' if !missing(`iv_w') & `iv_w' < `iv_p1'
replace `iv_w' = `iv_p99' if !missing(`iv_w') & `iv_w' > `iv_p99'
quietly areg `dv_w' `iv_w' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`fe_time', absorb(`absorb_id') vce(robust)
capture local N_r2 : display %12.0f e(N)
if "`N_r2'"=="" local N_r2 = .
capture local R2_r2 : display %9.4f e(r2)
if "`R2_r2'"=="" local R2_r2 = .
capture scalar __ewiz_main_b_r2 = _b[`iv_w']
capture scalar __ewiz_main_se_r2 = _se[`iv_w']
capture local coefmain_r2 : display %9.4f __ewiz_main_b_r2
capture if abs(__ewiz_main_b_r2) < 0.00005 & __ewiz_main_b_r2 != 0 local coefmain_r2 : display %9.2e __ewiz_main_b_r2
capture local semain_r2 : display %9.4f __ewiz_main_se_r2
capture if abs(__ewiz_main_se_r2) < 0.00005 & __ewiz_main_se_r2 != 0 local semain_r2 : display %9.2e __ewiz_main_se_r2
local pmain_r2 = .
local starsmain_r2 ""
local __ewiz_model_valid_r2 = 1
capture scalar __ewiz_coef_abs_r2 = abs(_b[`iv_w'])
if _rc local __ewiz_model_valid_r2 = 0
capture scalar __ewiz_se_abs_r2 = abs(_se[`iv_w'])
if _rc local __ewiz_model_valid_r2 = 0
capture if scalar(__ewiz_se_abs_r2) <= 1e-12 local __ewiz_model_valid_r2 = 0
capture if scalar(__ewiz_coef_abs_r2) <= 1e-12 & scalar(__ewiz_se_abs_r2) <= 1e-12 local __ewiz_model_valid_r2 = 0
capture local __df_r2 = e(df_r)
capture local __z_r2 = abs(_b[`iv_w'] / _se[`iv_w'])
if !_rc & `__ewiz_model_valid_r2' == 1 {
if "`__df_r2'"=="" | "`__df_r2'"=="." local pmain_r2 = 2*(1-normal(`__z_r2'))
else local pmain_r2 = 2*ttail(`__df_r2', `__z_r2')
}
if `__ewiz_model_valid_r2' == 1 local starsmain_r2 = cond(`pmain_r2'<0.01,"***",cond(`pmain_r2'<0.05,"**",cond(`pmain_r2'<0.1,"*","")))
if `__ewiz_model_valid_r2' == 1 {
capture post `ewiz_sum' ("(R2)") (_b[`iv_w']) (_se[`iv_w']) (`pmain_r2') ("`starsmain_r2'") (`N_r2') (`R2_r2')
if _rc post `ewiz_sum' ("(R2)") (.) (.) (.) ("") (`N_r2') (`R2_r2')
}
else post `ewiz_sum' ("(R2)") (.) (.) (.) ("") (`N_r2') (`R2_r2')
if `__ewiz_model_valid_r2' == 1 {
local __included_vars "`iv_w' dfi_index roa lev size growth cashflow tobinq top1 dual board indep soe age"
foreach v of local allvars {
local __is_included = 0
foreach __inc of local __included_vars {
if "`v'" == "`__inc'" local __is_included = 1
}
if `__is_included' == 0 continue
local model_term "`v'"
if "`v'" == "`ivvar'" local model_term "`iv_w'"
capture scalar __ewiz_term_b = _b[`model_term']
capture scalar __ewiz_term_se = _se[`model_term']
if _rc | missing(__ewiz_term_se) | __ewiz_term_se <= 1e-12 {
local cell_r2_`v' "omitted"
local secell_r2_`v' "(absorbed)"
continue
}
capture local __coef : display %9.4f __ewiz_term_b
capture if abs(__ewiz_term_b) < 0.00005 & __ewiz_term_b != 0 local __coef : display %9.2e __ewiz_term_b
if !_rc {
capture local __se : display %9.4f __ewiz_term_se
capture if abs(__ewiz_term_se) < 0.00005 & __ewiz_term_se != 0 local __se : display %9.2e __ewiz_term_se
local __p = .
local __stars ""
capture local __df = e(df_r)
capture local __z = abs(_b[`model_term'] / _se[`model_term'])
if !_rc {
if "`__df'"=="" | "`__df'"=="." local __p = 2*(1-normal(`__z'))
else local __p = 2*ttail(`__df', `__z')
}
if !_rc local __stars = cond(`__p'<0.01,"***",cond(`__p'<0.05,"**",cond(`__p'<0.1,"*","")))
local cell_r2_`v' "`__coef'`__stars'"
local secell_r2_`v' "(`__se')"
}
}
}
di "(R2): `iv_w'=`coefmain_r2'`starsmain_r2' (se=`semain_r2', p=`pmain_r2'), N=`N_r2', R2=`R2_r2'"
tempvar dv_w5 iv_w5
gen double `dv_w5' = `dvvar'
gen double `iv_w5' = `ivvar'
quietly summarize `dvvar', detail
local dv_p5 = r(p5)
local dv_p95 = r(p95)
replace `dv_w5' = `dv_p5' if !missing(`dv_w5') & `dv_w5' < `dv_p5'
replace `dv_w5' = `dv_p95' if !missing(`dv_w5') & `dv_w5' > `dv_p95'
quietly summarize `ivvar', detail
local iv_p5 = r(p5)
local iv_p95 = r(p95)
replace `iv_w5' = `iv_p5' if !missing(`iv_w5') & `iv_w5' < `iv_p5'
replace `iv_w5' = `iv_p95' if !missing(`iv_w5') & `iv_w5' > `iv_p95'
quietly areg `dv_w5' `iv_w5' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`fe_time', absorb(`absorb_id') vce(robust)
capture local N_r3 : display %12.0f e(N)
if "`N_r3'"=="" local N_r3 = .
capture local R2_r3 : display %9.4f e(r2)
if "`R2_r3'"=="" local R2_r3 = .
capture scalar __ewiz_main_b_r3 = _b[`iv_w5']
capture scalar __ewiz_main_se_r3 = _se[`iv_w5']
capture local coefmain_r3 : display %9.4f __ewiz_main_b_r3
capture if abs(__ewiz_main_b_r3) < 0.00005 & __ewiz_main_b_r3 != 0 local coefmain_r3 : display %9.2e __ewiz_main_b_r3
capture local semain_r3 : display %9.4f __ewiz_main_se_r3
capture if abs(__ewiz_main_se_r3) < 0.00005 & __ewiz_main_se_r3 != 0 local semain_r3 : display %9.2e __ewiz_main_se_r3
local pmain_r3 = .
local starsmain_r3 ""
local __ewiz_model_valid_r3 = 1
capture scalar __ewiz_coef_abs_r3 = abs(_b[`iv_w5'])
if _rc local __ewiz_model_valid_r3 = 0
capture scalar __ewiz_se_abs_r3 = abs(_se[`iv_w5'])
if _rc local __ewiz_model_valid_r3 = 0
capture if scalar(__ewiz_se_abs_r3) <= 1e-12 local __ewiz_model_valid_r3 = 0
capture if scalar(__ewiz_coef_abs_r3) <= 1e-12 & scalar(__ewiz_se_abs_r3) <= 1e-12 local __ewiz_model_valid_r3 = 0
capture local __df_r3 = e(df_r)
capture local __z_r3 = abs(_b[`iv_w5'] / _se[`iv_w5'])
if !_rc & `__ewiz_model_valid_r3' == 1 {
if "`__df_r3'"=="" | "`__df_r3'"=="." local pmain_r3 = 2*(1-normal(`__z_r3'))
else local pmain_r3 = 2*ttail(`__df_r3', `__z_r3')
}
if `__ewiz_model_valid_r3' == 1 local starsmain_r3 = cond(`pmain_r3'<0.01,"***",cond(`pmain_r3'<0.05,"**",cond(`pmain_r3'<0.1,"*","")))
if `__ewiz_model_valid_r3' == 1 {
capture post `ewiz_sum' ("(R3)") (_b[`iv_w5']) (_se[`iv_w5']) (`pmain_r3') ("`starsmain_r3'") (`N_r3') (`R2_r3')
if _rc post `ewiz_sum' ("(R3)") (.) (.) (.) ("") (`N_r3') (`R2_r3')
}
else post `ewiz_sum' ("(R3)") (.) (.) (.) ("") (`N_r3') (`R2_r3')
if `__ewiz_model_valid_r3' == 1 {
local __included_vars "`iv_w5' dfi_index roa lev size growth cashflow tobinq top1 dual board indep soe age"
foreach v of local allvars {
local __is_included = 0
foreach __inc of local __included_vars {
if "`v'" == "`__inc'" local __is_included = 1
}
if `__is_included' == 0 continue
local model_term "`v'"
if "`v'" == "`ivvar'" local model_term "`iv_w5'"
capture scalar __ewiz_term_b = _b[`model_term']
capture scalar __ewiz_term_se = _se[`model_term']
if _rc | missing(__ewiz_term_se) | __ewiz_term_se <= 1e-12 {
local cell_r3_`v' "omitted"
local secell_r3_`v' "(absorbed)"
continue
}
capture local __coef : display %9.4f __ewiz_term_b
capture if abs(__ewiz_term_b) < 0.00005 & __ewiz_term_b != 0 local __coef : display %9.2e __ewiz_term_b
if !_rc {
capture local __se : display %9.4f __ewiz_term_se
capture if abs(__ewiz_term_se) < 0.00005 & __ewiz_term_se != 0 local __se : display %9.2e __ewiz_term_se
local __p = .
local __stars ""
capture local __df = e(df_r)
capture local __z = abs(_b[`model_term'] / _se[`model_term'])
if !_rc {
if "`__df'"=="" | "`__df'"=="." local __p = 2*(1-normal(`__z'))
else local __p = 2*ttail(`__df', `__z')
}
if !_rc local __stars = cond(`__p'<0.01,"***",cond(`__p'<0.05,"**",cond(`__p'<0.1,"*","")))
local cell_r3_`v' "`__coef'`__stars'"
local secell_r3_`v' "(`__se')"
}
}
}
di "(R3): `iv_w5'=`coefmain_r3'`starsmain_r3' (se=`semain_r3', p=`pmain_r3'), N=`N_r3', R2=`R2_r3'"
tempvar _resid_keep
quietly areg `dvvar' `ivvar' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`fe_time', absorb(`absorb_id') vce(robust)
capture predict double `_resid_keep', rstudent
if _rc == 0 {
replace `_resid_keep' = . if abs(`_resid_keep') > 3
}
preserve
capture drop if missing(`_resid_keep')
quietly areg `dvvar' `ivvar' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`fe_time', absorb(`absorb_id') vce(robust)
restore
capture local N_r4 : display %12.0f e(N)
if "`N_r4'"=="" local N_r4 = .
capture local R2_r4 : display %9.4f e(r2)
if "`R2_r4'"=="" local R2_r4 = .
capture scalar __ewiz_main_b_r4 = _b[`ivvar']
capture scalar __ewiz_main_se_r4 = _se[`ivvar']
capture local coefmain_r4 : display %9.4f __ewiz_main_b_r4
capture if abs(__ewiz_main_b_r4) < 0.00005 & __ewiz_main_b_r4 != 0 local coefmain_r4 : display %9.2e __ewiz_main_b_r4
capture local semain_r4 : display %9.4f __ewiz_main_se_r4
capture if abs(__ewiz_main_se_r4) < 0.00005 & __ewiz_main_se_r4 != 0 local semain_r4 : display %9.2e __ewiz_main_se_r4
local pmain_r4 = .
local starsmain_r4 ""
local __ewiz_model_valid_r4 = 1
capture scalar __ewiz_coef_abs_r4 = abs(_b[`ivvar'])
if _rc local __ewiz_model_valid_r4 = 0
capture scalar __ewiz_se_abs_r4 = abs(_se[`ivvar'])
if _rc local __ewiz_model_valid_r4 = 0
capture if scalar(__ewiz_se_abs_r4) <= 1e-12 local __ewiz_model_valid_r4 = 0
capture if scalar(__ewiz_coef_abs_r4) <= 1e-12 & scalar(__ewiz_se_abs_r4) <= 1e-12 local __ewiz_model_valid_r4 = 0
capture local __df_r4 = e(df_r)
capture local __z_r4 = abs(_b[`ivvar'] / _se[`ivvar'])
if !_rc & `__ewiz_model_valid_r4' == 1 {
if "`__df_r4'"=="" | "`__df_r4'"=="." local pmain_r4 = 2*(1-normal(`__z_r4'))
else local pmain_r4 = 2*ttail(`__df_r4', `__z_r4')
}
if `__ewiz_model_valid_r4' == 1 local starsmain_r4 = cond(`pmain_r4'<0.01,"***",cond(`pmain_r4'<0.05,"**",cond(`pmain_r4'<0.1,"*","")))
if `__ewiz_model_valid_r4' == 1 {
capture post `ewiz_sum' ("(R4)") (_b[`ivvar']) (_se[`ivvar']) (`pmain_r4') ("`starsmain_r4'") (`N_r4') (`R2_r4')
if _rc post `ewiz_sum' ("(R4)") (.) (.) (.) ("") (`N_r4') (`R2_r4')
}
else post `ewiz_sum' ("(R4)") (.) (.) (.) ("") (`N_r4') (`R2_r4')
if `__ewiz_model_valid_r4' == 1 {
local __included_vars "`ivvar' dfi_index roa lev size growth cashflow tobinq top1 dual board indep soe age"
foreach v of local allvars {
local __is_included = 0
foreach __inc of local __included_vars {
if "`v'" == "`__inc'" local __is_included = 1
}
if `__is_included' == 0 continue
local model_term "`v'"
if "`v'" == "`ivvar'" local model_term "`ivvar'"
capture scalar __ewiz_term_b = _b[`model_term']
capture scalar __ewiz_term_se = _se[`model_term']
if _rc | missing(__ewiz_term_se) | __ewiz_term_se <= 1e-12 {
local cell_r4_`v' "omitted"
local secell_r4_`v' "(absorbed)"
continue
}
capture local __coef : display %9.4f __ewiz_term_b
capture if abs(__ewiz_term_b) < 0.00005 & __ewiz_term_b != 0 local __coef : display %9.2e __ewiz_term_b
if !_rc {
capture local __se : display %9.4f __ewiz_term_se
capture if abs(__ewiz_term_se) < 0.00005 & __ewiz_term_se != 0 local __se : display %9.2e __ewiz_term_se
local __p = .
local __stars ""
capture local __df = e(df_r)
capture local __z = abs(_b[`model_term'] / _se[`model_term'])
if !_rc {
if "`__df'"=="" | "`__df'"=="." local __p = 2*(1-normal(`__z'))
else local __p = 2*ttail(`__df', `__z')
}
if !_rc local __stars = cond(`__p'<0.01,"***",cond(`__p'<0.05,"**",cond(`__p'<0.1,"*","")))
local cell_r4_`v' "`__coef'`__stars'"
local secell_r4_`v' "(`__se')"
}
}
}
di "(R4): `ivvar'=`coefmain_r4'`starsmain_r4' (se=`semain_r4', p=`pmain_r4'), N=`N_r4', R2=`R2_r4'"
capture noisily poisson `dvvar' `ivvar' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`timevar' i.`industry_fe', vce(cluster `cluster_id')
if _rc != 0 {
capture noisily nbreg `dvvar' `ivvar' roa lev size growth cashflow tobinq top1 dual board indep soe age i.`timevar' i.`industry_fe', vce(cluster `cluster_id')
}
capture local N_r7 : display %12.0f e(N)
if "`N_r7'"=="" local N_r7 = .
capture local R2_r7 : display %9.4f e(r2)
if "`R2_r7'"=="" local R2_r7 = .
capture scalar __ewiz_main_b_r7 = _b[`ivvar']
capture scalar __ewiz_main_se_r7 = _se[`ivvar']
capture local coefmain_r7 : display %9.4f __ewiz_main_b_r7
capture if abs(__ewiz_main_b_r7) < 0.00005 & __ewiz_main_b_r7 != 0 local coefmain_r7 : display %9.2e __ewiz_main_b_r7
capture local semain_r7 : display %9.4f __ewiz_main_se_r7
capture if abs(__ewiz_main_se_r7) < 0.00005 & __ewiz_main_se_r7 != 0 local semain_r7 : display %9.2e __ewiz_main_se_r7
local pmain_r7 = .
local starsmain_r7 ""
local __ewiz_model_valid_r7 = 1
capture scalar __ewiz_coef_abs_r7 = abs(_b[`ivvar'])
if _rc local __ewiz_model_valid_r7 = 0
capture scalar __ewiz_se_abs_r7 = abs(_se[`ivvar'])
if _rc local __ewiz_model_valid_r7 = 0
capture if scalar(__ewiz_se_abs_r7) <= 1e-12 local __ewiz_model_valid_r7 = 0
capture if scalar(__ewiz_coef_abs_r7) <= 1e-12 & scalar(__ewiz_se_abs_r7) <= 1e-12 local __ewiz_model_valid_r7 = 0
capture local __df_r7 = e(df_r)
capture local __z_r7 = abs(_b[`ivvar'] / _se[`ivvar'])
if !_rc & `__ewiz_model_valid_r7' == 1 {
if "`__df_r7'"=="" | "`__df_r7'"=="." local pmain_r7 = 2*(1-normal(`__z_r7'))
else local pmain_r7 = 2*ttail(`__df_r7', `__z_r7')
}
if `__ewiz_model_valid_r7' == 1 local starsmain_r7 = cond(`pmain_r7'<0.01,"***",cond(`pmain_r7'<0.05,"**",cond(`pmain_r7'<0.1,"*","")))
if `__ewiz_model_valid_r7' == 1 {
capture post `ewiz_sum' ("(R7)") (_b[`ivvar']) (_se[`ivvar']) (`pmain_r7') ("`starsmain_r7'") (`N_r7') (`R2_r7')
if _rc post `ewiz_sum' ("(R7)") (.) (.) (.) ("") (`N_r7') (`R2_r7')
}
else post `ewiz_sum' ("(R7)") (.) (.) (.) ("") (`N_r7') (`R2_r7')
if `__ewiz_model_valid_r7' == 1 {
local __included_vars "`ivvar' dfi_index roa lev size growth cashflow tobinq top1 dual board indep soe age"
foreach v of local allvars {
local __is_included = 0
foreach __inc of local __included_vars {
if "`v'" == "`__inc'" local __is_included = 1
}
if `__is_included' == 0 continue
local model_term "`v'"
if "`v'" == "`ivvar'" local model_term "`ivvar'"
capture scalar __ewiz_term_b = _b[`model_term']
capture scalar __ewiz_term_se = _se[`model_term']
if _rc | missing(__ewiz_term_se) | __ewiz_term_se <= 1e-12 {
local cell_r7_`v' "omitted"
local secell_r7_`v' "(absorbed)"
continue
}
capture local __coef : display %9.4f __ewiz_term_b
capture if abs(__ewiz_term_b) < 0.00005 & __ewiz_term_b != 0 local __coef : display %9.2e __ewiz_term_b
if !_rc {
capture local __se : display %9.4f __ewiz_term_se
capture if abs(__ewiz_term_se) < 0.00005 & __ewiz_term_se != 0 local __se : display %9.2e __ewiz_term_se
local __p = .
local __stars ""
capture local __df = e(df_r)
capture local __z = abs(_b[`model_term'] / _se[`model_term'])
if !_rc {
if "`__df'"=="" | "`__df'"=="." local __p = 2*(1-normal(`__z'))
else local __p = 2*ttail(`__df', `__z')
}
if !_rc local __stars = cond(`__p'<0.01,"***",cond(`__p'<0.05,"**",cond(`__p'<0.1,"*","")))
local cell_r7_`v' "`__coef'`__stars'"
local secell_r7_`v' "(`__se')"
}
}
}
di "(R7): `ivvar'=`coefmain_r7'`starsmain_r7' (se=`semain_r7', p=`pmain_r7'), N=`N_r7', R2=`R2_r7'"
postclose `ewiz_sum'
capture file close f_robust
file open f_robust using "$JOB_DIR/regression_table_稳健性检验.csv", write replace
file write f_robust "变量,(R1),(R2),(R3),(R4),(R7)" _n
file write f_robust ",双重聚类（个体+时间）,1% Winsor,5% Winsor,剔除异常残差 |rstudent|>3,Poisson/NB count model" _n
file write f_robust "dfi_index,`cell_r1_dfi_index',`cell_r2_dfi_index',`cell_r3_dfi_index',`cell_r4_dfi_index',`cell_r7_dfi_index'" _n
file write f_robust ",`secell_r1_dfi_index',`secell_r2_dfi_index',`secell_r3_dfi_index',`secell_r4_dfi_index',`secell_r7_dfi_index'" _n
file write f_robust "roa,`cell_r1_roa',`cell_r2_roa',`cell_r3_roa',`cell_r4_roa',`cell_r7_roa'" _n
file write f_robust ",`secell_r1_roa',`secell_r2_roa',`secell_r3_roa',`secell_r4_roa',`secell_r7_roa'" _n
file write f_robust "lev,`cell_r1_lev',`cell_r2_lev',`cell_r3_lev',`cell_r4_lev',`cell_r7_lev'" _n
file write f_robust ",`secell_r1_lev',`secell_r2_lev',`secell_r3_lev',`secell_r4_lev',`secell_r7_lev'" _n
file write f_robust "size,`cell_r1_size',`cell_r2_size',`cell_r3_size',`cell_r4_size',`cell_r7_size'" _n
file write f_robust ",`secell_r1_size',`secell_r2_size',`secell_r3_size',`secell_r4_size',`secell_r7_size'" _n
file write f_robust "growth,`cell_r1_growth',`cell_r2_growth',`cell_r3_growth',`cell_r4_growth',`cell_r7_growth'" _n
file write f_robust ",`secell_r1_growth',`secell_r2_growth',`secell_r3_growth',`secell_r4_growth',`secell_r7_growth'" _n
file write f_robust "cashflow,`cell_r1_cashflow',`cell_r2_cashflow',`cell_r3_cashflow',`cell_r4_cashflow',`cell_r7_cashflow'" _n
file write f_robust ",`secell_r1_cashflow',`secell_r2_cashflow',`secell_r3_cashflow',`secell_r4_cashflow',`secell_r7_cashflow'" _n
file write f_robust "tobinq,`cell_r1_tobinq',`cell_r2_tobinq',`cell_r3_tobinq',`cell_r4_tobinq',`cell_r7_tobinq'" _n
file write f_robust ",`secell_r1_tobinq',`secell_r2_tobinq',`secell_r3_tobinq',`secell_r4_tobinq',`secell_r7_tobinq'" _n
file write f_robust "top1,`cell_r1_top1',`cell_r2_top1',`cell_r3_top1',`cell_r4_top1',`cell_r7_top1'" _n
file write f_robust ",`secell_r1_top1',`secell_r2_top1',`secell_r3_top1',`secell_r4_top1',`secell_r7_top1'" _n
file write f_robust "dual,`cell_r1_dual',`cell_r2_dual',`cell_r3_dual',`cell_r4_dual',`cell_r7_dual'" _n
file write f_robust ",`secell_r1_dual',`secell_r2_dual',`secell_r3_dual',`secell_r4_dual',`secell_r7_dual'" _n
file write f_robust "board,`cell_r1_board',`cell_r2_board',`cell_r3_board',`cell_r4_board',`cell_r7_board'" _n
file write f_robust ",`secell_r1_board',`secell_r2_board',`secell_r3_board',`secell_r4_board',`secell_r7_board'" _n
file write f_robust "indep,`cell_r1_indep',`cell_r2_indep',`cell_r3_indep',`cell_r4_indep',`cell_r7_indep'" _n
file write f_robust ",`secell_r1_indep',`secell_r2_indep',`secell_r3_indep',`secell_r4_indep',`secell_r7_indep'" _n
file write f_robust "soe,`cell_r1_soe',`cell_r2_soe',`cell_r3_soe',`cell_r4_soe',`cell_r7_soe'" _n
file write f_robust ",`secell_r1_soe',`secell_r2_soe',`secell_r3_soe',`secell_r4_soe',`secell_r7_soe'" _n
file write f_robust "age,`cell_r1_age',`cell_r2_age',`cell_r3_age',`cell_r4_age',`cell_r7_age'" _n
file write f_robust ",`secell_r1_age',`secell_r2_age',`secell_r3_age',`secell_r4_age',`secell_r7_age'" _n
file write f_robust "核心解释变量口径,dfi_index,dfi_index,dfi_index,dfi_index,dfi_index" _n
file write f_robust "估计模型,OLS/FE,OLS/FE,OLS/FE,OLS/FE,OLS/FE" _n
file write f_robust "控制变量,是,是,是,是,是" _n
file write f_robust "个体固定效应,是,是,是,是,否" _n
file write f_robust "时间固定效应,是,是,是,是,否" _n
file write f_robust "聚类标准误,双重聚类（个体+时间）,稳健标准误,稳健标准误,稳健标准误,稳健标准误" _n
file write f_robust "N,`N_r1',`N_r2',`N_r3',`N_r4',`N_r7'" _n
file write f_robust "R²,`R2_r1',`R2_r2',`R2_r3',`R2_r4',`R2_r7'" _n
file close f_robust
preserve
use `ewiz_summary', clear
export delimited using "$JOB_DIR/regression_table.csv", replace
drop if missing(coef)
if _N == 0 {
capture file close f_base
tempname __ewz_skipfh
file open `__ewz_skipfh' using "$JOB_DIR/regression_table_稳健性检验.csv", write replace
file write `__ewz_skipfh' "状态,值" _n
file write `__ewz_skipfh' "状态,skipped" _n
file write `__ewz_skipfh' "原因,所有规格估计失败（被解释变量无变异 / 控制变量完美共线 / 样本量不足等），无法生成有效回归表" _n
file close `__ewz_skipfh'
di as error "[regression] all specs degenerate; wrote skipped marker"
}
if _N > 0 {
gen spec_order = _n
gen lb = coef - 1.96 * se
gen ub = coef + 1.96 * se
twoway (rcap ub lb spec_order, lcolor(gs8)) (scatter coef spec_order, mcolor(navy) msymbol(D)), yline(0, lpattern(dash) lcolor(maroon)) xlabel(1 "(R1)" 2 "(R2)" 3 "(R3)" 4 "(R4)" 5 "(R7)", angle(45) labsize(small)) xtitle("Specification") ytitle("Coefficient on `ivvar'") title("Specification Comparison")
capture graph export "$JOB_DIR/robustness_coef_plot.png", replace width(1800)
}
restore
di "[EWIZ_STATS] target=dfi_index;coef=`coefmain_r7';se=`semain_r7';pvalue=`pmain_r7';nobs=`N_r7'"
di "回归表输出完成"
* ── 安慰剂检验：随机化 IV 500 次 ──
tempname ph_fh
capture file close `ph_fh'
file open `ph_fh' using "$JOB_DIR/placebo_results.csv", write replace
file write `ph_fh' "iter,placebo_coef,placebo_p" _n
set seed 20250101
local placebo_iters = 500
local true_coef = `coefmain_r7'
local above_count = 0
preserve
forval __ph = 1/`placebo_iters' {
capture drop __ph_iv
gen double __ph_iv = runiform()
* 保持分布形态：用真实 IV 的百分位映射随机数
quietly summarize `ivvar', detail
local __ph_min = r(min)
local __ph_max = r(max)
replace __ph_iv = `__ph_min' + (`__ph_max' - `__ph_min') * __ph_iv
capture quietly reg `dvvar' __ph_iv `controls', vce(robust)
if _rc == 0 {
local __ph_c = _b[__ph_iv]
local __ph_se = _se[__ph_iv]
local __ph_p = 2*(1 - normal(abs(`__ph_c'/`__ph_se')))
if abs(`__ph_c') >= abs(`true_coef') {
local above_count = `above_count' + 1
}
file write `ph_fh' "`__ph',`__ph_c',`__ph_p'" _n
}
}
restore
file close `ph_fh'
local placebo_p_emp = `above_count' / `placebo_iters'
tempname ph_summary
capture file close `ph_summary'
file open `ph_summary' using "$JOB_DIR/placebo_summary.csv", write replace
file write `ph_summary' "指标,值" _n
file write `ph_summary' "真实 IV 系数,`true_coef'" _n
file write `ph_summary' "打乱迭代次数,`placebo_iters'" _n
file write `ph_summary' "打乱后|系数|≥真实|系数|的次数,`above_count'" _n
file write `ph_summary' "经验 p 值（双尾）,`placebo_p_emp'" _n
file close `ph_summary'
di "安慰剂检验完成：经验 p = `placebo_p_emp'"
* ── 经济显著性：标准化 β 与弹性 ──
quietly summarize `ivvar', detail
local iv_sd = r(sd)
local iv_mean = r(mean)
quietly summarize `dvvar', detail
local dv_sd = r(sd)
local dv_mean = r(mean)
local std_beta = (`true_coef' * `iv_sd') / `dv_sd'
local elasticity = (`true_coef' * `iv_mean') / `dv_mean'
tempname es_fh
capture file close `es_fh'
file open `es_fh' using "$JOB_DIR/economic_significance.csv", write replace
file write `es_fh' "指标,值,解读" _n
file write `es_fh' "原系数,`true_coef'," _n
file write `es_fh' "IV 标准差,`iv_sd'," _n
file write `es_fh' "DV 标准差,`dv_sd'," _n
file write `es_fh' "标准化 β,`std_beta',IV 每变动一个标准差 DV 变动多少个标准差" _n
file write `es_fh' "样本均值弹性,`elasticity',IV 变动 1%% DV 变动百分数" _n
file close `es_fh'
di "经济显著性：标准化 β = `std_beta'； 均值弹性 = `elasticity'"
log close六、实际输出表
这张表就是本方法页使用的案例输出文件，保存在 marketing/method_case_assets/robustness/result.csv。
| 变量 | (R1) | (R2) | (R3) | (R4) | (R7) |
|---|---|---|---|---|---|
| 双重聚类（个体+时间） | 1% Winsor | 5% Winsor | 剔除异常残差 |rstudent|>3 | Poisson/NB count model | |
| dfi_index | 0.5660*** | 0.5530*** | 0.5583*** | 0.5660*** | 0.2957*** |
| ( 0.0639) | ( 0.0451) | ( 0.0471) | ( 0.0460) | ( 0.0201) | |
| roa | 0.3040*** | 0.2924*** | 0.2729*** | 0.3040*** | 0.1482*** |
| ( 0.0458) | ( 0.0436) | ( 0.0409) | ( 0.0449) | ( 0.0191) | |
| lev | -0.0548 | -0.0545 | -0.0614 | -0.0548 | -0.0132 |
| ( 0.0488) | ( 0.0456) | ( 0.0437) | ( 0.0473) | ( 0.0231) | |
| size | 0.2375*** | 0.2323*** | 0.2186*** | 0.2375*** | 0.1092*** |
| ( 0.0460) | ( 0.0458) | ( 0.0443) | ( 0.0461) | ( 0.0223) | |
| growth | -0.0819 | -0.0857* | -0.0804* | -0.0819 | -0.0198 |
| ( 0.0715) | ( 0.0494) | ( 0.0471) | ( 0.0509) | ( 0.0232) | |
| cashflow | 0.0407 | 0.0406 | 0.0379 | 0.0407 | 0.0197 |
| ( 0.0455) | ( 0.0450) | ( 0.0442) | ( 0.0456) | ( 0.0215) | |
| tobinq | 0.0247 | 0.0243 | 0.0078 | 0.0247 | 0.0146 |
| ( 0.0374) | ( 0.0477) | ( 0.0457) | ( 0.0488) | ( 0.0208) | |
| top1 | -0.0166 | -0.0271 | -0.0363 | -0.0166 | -0.0230 |
| ( 0.0460) | ( 0.0491) | ( 0.0474) | ( 0.0498) | ( 0.0229) | |
| dual | -0.0272 | -0.0287 | -0.0364 | -0.0272 | -0.0032 |
| ( 0.0513) | ( 0.0448) | ( 0.0435) | ( 0.0459) | ( 0.0197) | |
| board | -0.0383 | -0.0302 | -0.0218 | -0.0383 | -0.0021 |
| ( 0.0657) | ( 0.0434) | ( 0.0427) | ( 0.0447) | ( 0.0242) | |
| indep | -0.0309 | -0.0268 | -0.0167 | -0.0309 | -0.0075 |
| ( 0.0360) | ( 0.0480) | ( 0.0461) | ( 0.0491) | ( 0.0208) | |
| soe | 0.0025 | 0.0023 | -0.0013 | 0.0025 | -0.0055 |
| ( 0.0397) | ( 0.0491) | ( 0.0469) | ( 0.0503) | ( 0.0236) | |
| age | -0.0539 | -0.0523 | -0.0428 | -0.0539 | -0.0061 |
| ( 0.0414) | ( 0.0444) | ( 0.0433) | ( 0.0450) | ( 0.0222) | |
| 核心解释变量口径 | dfi_index | dfi_index | dfi_index | dfi_index | dfi_index |
| 估计模型 | OLS/FE | OLS/FE | OLS/FE | OLS/FE | OLS/FE |
| 控制变量 | 是 | 是 | 是 | 是 | 是 |
| 个体固定效应 | 是 | 是 | 是 | 是 | 否 |
| 时间固定效应 | 是 | 是 | 是 | 是 | 否 |
| 聚类标准误 | 双重聚类（个体+时间） | 稳健标准误 | 稳健标准误 | 稳健标准误 | 稳健标准误 |
| N | 720 | 720 | 720 | 720 | 720 |
| R² | 0.4098 | 0.4034 | 0.3885 | 0.4098 | . |
补充输出
下面这些文件来自同一次案例运行或烟测输出，用来补齐主表之外的诊断信息。
economic_significance.csv
| 指标 | 值 | 解读 |
|---|---|---|
| 原系数 | .2957 | |
| IV 标准差 | 1.014028344931995 | |
| DV 标准差 | 1.346176410712608 | |
| 标准化 β | .2227406298388962 | IV 每变动一个标准差 DV 变动多少个标准差 |
| 样本均值弹性 | -.0092732140896711 | IV 变动 1%% DV 变动百分数 |
placebo_results.csv
| iter | placebo_coef | placebo_p |
|---|---|---|
| 1 | .0422755054569741 | .0970925062563102 |
| 2 | -.0065886697061428 | .8008666111798852 |
| 3 | .0040773466649033 | .8727249389093115 |
| 4 | .0367103784152566 | .1388927961891919 |
| 5 | .0338720727626226 | .1744955386427338 |
| 6 | .0316865554752359 | .2420682323029761 |
| 7 | -.045687137571697 | .0695783024294538 |
| 8 | -.0421014733843154 | .0931455454485262 |
| 9 | -.0005652588075882 | .9820618340989864 |
| 10 | .0150228098974096 | .544185211418162 |
| 11 | .012211326861772 | .6467912938829625 |
| 12 | -.0494454278266741 | .0440870374472586 |
| 13 | .0350923725880614 | .1806690339590573 |
| 14 | -.0055093124090006 | .8300929012336378 |
| 15 | .0278231223840121 | .2654802124103861 |
| 16 | .005068688753756 | .8444113990905013 |
| 17 | .0179324524164106 | .468420924875327 |
| 18 | -.029792581403417 | .2489301642154378 |
| 19 | .0063703468936055 | .8019263946215645 |
| 20 | .0121415432401664 | .628011576333392 |
| 21 | .0257868915876518 | .2964418241316977 |
| 22 | -.0249144499412879 | .3311852520231255 |
| 23 | .0228448723389608 | .3848312934454989 |
| 24 | .0197430782200771 | .4419589760747307 |
| 25 | -.033662822970117 | .1868657196671086 |
| 26 | .006494889433034 | .8061992116001064 |
| 27 | -.0011002707828248 | .9670925975219595 |
| 28 | -.0105787285247736 | .6757942035032509 |
| 29 | .0154102174570747 | .5549087014038609 |
| 30 | -.018559019091525 | .4633283943526829 |
| 31 | .01748290355602 | .4908557570304632 |
| 32 | .0205975826156778 | .4094703461632099 |
| 33 | .0320784798988639 | .2464671443443844 |
| 34 | -.0104049567516386 | .6795776080894909 |
| 35 | .0137289053644033 | .5942775899892003 |
| 36 | -.0015537527351706 | .9531343678062938 |
这里只展示前 36 行，完整文件保存在资产目录中。
placebo_summary.csv
| 指标 | 值 |
|---|---|
| 真实 IV 系数 | .2957 |
| 打乱迭代次数 | 500 |
| 打乱后|系数|≥真实|系数|的次数 | 0 |
| 经验 p 值（双尾） | 0 |
regression_table.csv
| spec | coef | se | pvalue | stars | N | R2 |
|---|---|---|---|---|---|---|
| (R1) | .566040838796411 | .063915245 | .00030515241 | *** | 720 | .40979999 |
| (R2) | .5530192008772081 | .045082174 | 6.2751406e-31 | *** | 720 | .4034 |
| (R3) | .5582563962233911 | .047093663 | 3.4581854e-29 | *** | 720 | .38850001 |
| (R4) | .5660408387964105 | .04600032 | 4.3109577e-31 | *** | 720 | .40979999 |
| (R7) | .29570926818386 | .020119438 | 0 | *** | 720 |
七、案例图
这是一张由同一份案例数据生成的页面内诊断图。
八、论文里怎么写
本文在共用企业面板样本上报告稳健性检验，核心输出见 regression_table_稳健性检验.csv。结果解释时同时关注样本口径、变量构造、系数方向、标准误和适用前提，避免只凭单个 p 值完成方法选择。
九、检查清单
- 确认本页使用的因变量、核心解释变量、控制变量与论文主模型一致。
- 先看表格里的样本口径，再看系数、p 值或诊断指标。
- 代码里的输出文件名要能对应网页展示的结果表。