Outline 。·Causal Identification ·Mediation Effect ·Moderating Effect 6
• Causal Identification • Mediation Effect • Moderating Effect 6 Outline
Mediation Effect The definition of mediation effect: ·中介效应是指原因通过一个或几个中间变量影响结果，这种中间变量被称作中介变量. Mediating factor or Mediator. Common Fact:the logic chain is long in financial field. 。Bank debt-→Firm investment. Monetary policy-Firm financial constraints. What is the mediating factor in the examples? 7
• The definition of mediation effect: • 中介效应是指原因通过一个或几个中间变量影响结果，这种中间变量被称作中介变量. • Mediating factor or Mediator. • Common Fact: the logic chain is long in financial field. • Bank debt→Firm investment. • Monetary policy→Firm financial constraints. • What is the mediating factor in the examples? 7 Mediation Effect
Mediation Effect The purpose of mediation effect: Identify specific channel to rationalize the causal model. If the channel is true,the causal model will be more convincing. Why?Depict how treatment leads to changes of outcome variables. D →M Y 8
• The purpose of mediation effect: • Identify specific channel to rationalize the causal model. • If the channel is true, the causal model will be more convincing. • Why? Depict how treatment leads to changes of outcome variables. 8 Mediation Effect
Mediation Effect 。 Mediation effect analysis: B D- D B 图3中介效应示意 Y=ao+aD+8y Y=B。+B,D+B,M+Ex M=Yo +yD+8w 9
• Mediation effect analysis: 9 Mediation Effect
Mediation Effect 。 Mediation effect analysis: ·Total effect. B D D ·Direct effect. ·ndirect effect. 图3中介效应示意 ·The relationship? 10
• Mediation effect analysis: • Total effect. • Direct effect. • Indirect effect. • The relationship? 10 Mediation Effect