capital input

Raw material cost

Total interest-bearing liabilities

Constant

−0.8324

−1.5429

−46.4201***

Comprehensive interest rate

−295.3945***

49.2638***

1917.7692***

Established years

0.5419***

−0.1453***

−1.607***

σ²

525.6568***

9.9515***

5234.2544***

γ

0.9999***

0.9999***

0.9999***

LR test value

8.6921***

5.6668**

4.7706*