Spatial Econometric Analysis of China’s Sports Capital Market
Table 5
Parameter estimation results of traditional multivariate linear regression basic model and extended model.
Model (a)
Model (b)
Model (c)
Constant term
−2.4563 (−1.27)
−2.3080 (−1.19)
−2.1985 (−1.14)
−0.0488 (−0.02)
0.9507 (0.45)
2.4304 (2.62)
2.7843 (3.09)
3.6350 (3.66)
3.8600 (3.83)
Z1
0.0146 (8.32)
0.0148 (8.37)
0.0148 (8.43)
0.0169 (8.95)
0.0177 (9.31)
0.0057 (6.72)
0.0058 (7.04)
0.0066 (7.43)
0.0067 (7.51)
Z2
−0.0129 (−4.82)
−0.0133 (−4.89)
−0.0133 (−5.04)
−0.0111 (−4.06)
−0.0117 (−4.32)
−0.0051 (−3.83)
−0.0056 (−4.47)
−0.0045 (−3.41)
−0.0047 (−3.65)
Z3
0.5347 (9.72)
0.5329 (9.70)
0.5310 (9.69)
0.4917 (8.72)
0.4780 (8.48)
0.1864 (7.19)
0.1793 (7.02)
0.1657 (6.26)
0.1612 (6.06)
Z4
−0.0262 (−6.98)
−0.0280 (−6.43)
−0.0273 (−6.96)
−0.0207 (−5.01)
−0.0254 (−5.57)
−0.0112 (−5.29)
−0.0119 (−6.43)
−0.0095 (−4.82)
−0.0098 (−4.50)
X1
0.0030 (0.81)
0.0075 (1.98)
−0.0012 (−0.67)
0.0004 (0.24)
X2
0.0053 (1.01)
0.0067 (1.27)
0.0009 (0.37)
0.0014 (0.56)
X3
−0.0052 (−3.14)
−0.0064 (−3.73)
−0.0023 (−2.92)
−0.0024 (−2.91)
Modified degree of fit
0.3985
0.3976
0.3950
0.4228
0.4310
0.3113
0.3038
0.3355
0.3264
F statistics
11.8833
11.1184
11.0121
12.2299
11.2478
7.9309
7.6906
8.7400
7.5554
D‐W value
0.6528
0.7328
0.7262
0.6614
0.6672
0.6661
0.6749
0.8313
0.6821
∗, ∗∗, and ∗∗∗ represent significance at the statistical level of 1%, 5%, and 10%, respectively; the values in parentheses are T statistics; model (a) represents the basic model with (Y) as the explained variable and only included in the control variable; and model (b) represents the extended model with (Y) as the explained variable and included in all explanatory variables. Model (c) represents the extended model that takes the total return on assets (Y1) as the explanatory variable and includes all the explanatory variables.
