Model			
	(1)	(2)	(3)
	m1	m2	m3
VARIABLES	choice	choice	choice
			
监管强度	0.0110	-0.0240**	-0.1093***
	(0.0475)	(0.0100)	(0.0367)
预期收入	0.0001***	0.0001***	-0.0000
	(0.0000)	(0.0000)	(0.0000)
			
Observations	6,286	118,857	18,326
Year FE	YES	YES	YES
Robust standard errors in parentheses			
*** p<0.01, ** p<0.05, * p<0.1			
