표 4 모형추정결과
| 변수 | dit | dhpt | hqt |
| 상수항 | 1.028(1.042) | –5.844(4.739) | 587.751***(184.905) |
| dit-1 | 0.606***(0.109) | –1.755***(0.496) | –38.237*(19.387) |
| dit-2 | –0.184(0.128) | 0.251(0.582) | 10.303(22.744) |
| dit-3 | –0.196 (0.127) | 0.574(0.579) | 8.991(22.623) |
| dit-4 | 0.043(0.126) | –0.505(0.575) | –0.747(22.468) |
| dit-5 | –0.270**(0.113) | 0.408(0.515) | 17.020(20.110) |
| dit-6 | 0.085(0.075) | –0.188(0.342) | –4.093(13.373) |
| dhpt-1 | 0.154***(0.023) | 0.614***(0.105) | 17.461***( 4.100) |
| dhpt-2 | –0.097***(0.036) | 0.132(0.164) | 10.560( 6.415) |
| dhpt-3 | 0.028(0.036) | 0.127(0.167) | 0.828(6.543) |
| dhpt-4 | 0.004(0.036) | –0.299*(0.165) | 0.800(6.450) |
| dhpt-5 | 0.047(0.036) | 0.107(0.165) | 0.044(6.469) |
| dhpt-6 | 0.061*(0.032) | –0.189(0.146) | –4.442(5.712) |
| hqt-1 | 0.001*(0.001) | 0.005**(0.002) | 0.104(0.104) |
| hqt-2 | –0.002***(0.001) | –0.000(0.002) | 0.005(0.109) |
| hqt-3 | 0.000(0.001) | 0.001(0.002) | –0.036 (0.114) |
| hqt-4 | 0.000(0.001) | –0.001(0.002) | 0.060(0.113) |
| hqt-5 | –0.001 (0.001) | 0.003(0.002) | 0.021(0.112) |
| hqt-6 | 0.000(0.001) | –0.002(0.002) | 0.297***(0.094) |
| R ¯ 2 | 0.611 | 0.588 | 0.500 |
| DW | 1.976 | 2.080 | 1.994 |
주 : ( )안은 표준오차이다.
* p<0.1, ** p<0.05, *** p<0.01.