“…This paper uses unbalanced panel data, so it is necessary to check the stationarity of panel data to avoid the phenomenon of pseudo regression. The stability test method of variable data used in this paper is Fisher-ADF unit root test [30][31][32][33], and the test results of each variable are shown in Table 3. It can be seen from Table 3 that variables LEV, RDE, CRNA and SUR all pass the 1% significance level test, indicating that the panel data are stationary data, which ensures the accuracy of subsequent empirical analysis.…”