Model			
	(1)	(2)	(3)
	m1	m2	m3
VARIABLES	choice	choice	choice
			
监管强度	-0.0253***	0.0963***	-0.0461***
	(0.0085)	(0.0270)	(0.0090)
预期收入	0.0001***	0.0001***	0.0001***
	(0.0000)	(0.0000)	(0.0000)
			
Observations	180,425	20,043	157,797
Year FE	YES	YES	YES
Robust standard errors in parentheses			
*** p<0.01, ** p<0.05, * p<0.1			
