本文根据地理特征构造工具变量，有效地控制了变量的内生性问题。
By constructing instrument variable in term of the geographic characteristics, we efficiently tackle the problem of endogeneity in the regressions.
实证结果表明，变量的内生性问题是影响当前董事会治理实证研究的一个重要因素。
Our empirical results indicate that endogenous problems are important factor that impact empirical study of the board of directors.
非观测效应，以及样本选择偏差和测量误差所引发的内生性问题对结果的影响很大，导致普通最小二乘法低估了我国的教育收益率。
The study also finds that unobserved effects, sample selection bias and measurement errors play important role on results, and OLS really underestimates yield of schooling.
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