过度识别检验的原假设有问题吧。
The Sargan-Hansen test is a test of overidentifying restrictions. The joint null hypothesis is that the instruments are valid instruments, i.e., uncorrelated with the error term, and that the excluded instruments are correctly excluded from the estimated equation. Under the null, the test statistic is distributed as chi-squared in the number of (L-K) overidentifying restrictions. A rejection casts doubt on the validity of the instruments.
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