In empirical results, this article uses WLS, TSLS, NLS after smoothing liquidity, and first-order serial correlation correction to test heteroscedasticity, endogenous and fluctuation in the model.

• 在具体的实施过程中，本文采用加权最小二乘法、两阶段最小二乘法、经过多项式平滑流动性以后的最小二乘法三种方式以及一阶序列相关修正，分别从异方差、内生性、波动性三个角度检验了模型。