Title Page
Contents
국문초록 8
Abstract 9
1. Introduction 10
2. Theoretical background (Literature review) 14
A. Early Empirical Approaches 14
(1) single-variable model 15
(2) Multivariate analysis model: 16
3. Situation in China 19
4. Data and methodology 20
A. Data 20
B. Methodology 24
5. Preliminary results 29
A. Descriptive statistics: 29
B. Figures: histograms of dependent variable 37
C. Distribution test 40
6. Main results 42
A. Correlation coefficient test 42
B. Mean difference between two samples 46
C. Median difference between two samples 50
D. Examine for industry effect. 55
7. Conclusion 57
8. Reference 59
Table 1: Descriptive statistic of dependent variable and independent variables. 29
Table 2: Test for Normality of sample distribution. 40
Table 3: Correlation coefficient test between dependent variable and independent variable. 43
Table 4: Mean difference between two samples 47
Table 5: Median difference between two samples 52
Table 6: Examine for industry effect. 56
Fig. 1: Histograms of dependent variable in sample 1. 38
Fig. 2: Histograms of dependent variable in sample 2. 38
Fig. 3: Histograms of dependent variable in sample 3. 39
Fig. 4: Histograms of dependent variable in sample 4. 39