Private capital holding, government’s financial awareness and stability of CCBs.

This table reports the results of dynamic panel system GMM regressions analyzing the impact of private capital holding on stability of CCBs and the moderating effect of government’s financial awareness (The column 1 is the estimated results of the fixed effect model). The dependent variables of Columns 1- 5 are Ln_Z, Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.

本表格呈现了动态面板系统广义矩估计（dynamic panel system Generalized Method of Moments, GMM）回归的结果，用以分析私人资本持股对城市商业银行（City Commercial Banks, CCBs）稳定性的影响，以及政府金融意识的调节效应（第1列为固定效应模型的估计结果）。第1至5列的被解释变量依次为Ln_Z、Ln_Z、资产收益率（Return on Assets, ROA）、资本充足率（Capital Adequacy Ratio, CAR）与资产收益率波动率σ(ROA)。变量定义详见表1。样本区间为2007年至2017年。括号内为t统计量。***、**、*分别代表在1%、5%和10%的显著性水平下具有统计显著性。