	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	VAT_burden	VAT_burden	VAT_burden	VAT_burden	VAT_burden
						
DID	-0.0030666***	-0.0038591***	-0.0038167***	0.0053831***	0.0042551***	0.0040234***
	(-2.808)	(-3.576)	(-3.532)	(4.013)	(3.186)	(2.998)
Size		-0.0051062***	-0.0051904***		-0.0060097***	-0.0062378***
		(-3.516)	(-3.581)		(-2.878)	(-2.997)
Lev		-0.0035919	-0.0033616		0.0085544	0.0079842
		(-1.100)	(-1.029)		(1.596)	(1.501)
ROA		0.0279432***	0.0286721***		0.0196207***	0.0179275***
		(5.626)	(5.762)		(2.863)	(2.646)
FirmAge		-0.0222364**	-0.0238338**		-0.0157504	-0.0100645
		(-2.401)	(-2.561)		(-1.047)	(-0.669)
FIXED		-0.0197628***	-0.0196585***		-0.0190171***	-0.0185605***
		(-4.324)	(-4.311)		(-2.582)	(-2.591)
ATO		-0.0103457***	-0.0103472***		-0.0134678***	-0.0131417***
		(-6.719)	(-6.711)		(-5.550)	(-5.529)
Board			0.0009136			0.0038662
			(0.300)			(0.920)
Indep			-0.0009045			0.0181355
			(-0.101)			(1.542)
Dual			0.0001477			-0.0004676
			(0.190)			(-0.416)
Top1			-0.0140071*			0.0290028***
			(-1.940)			(3.119)
Constant	0.0599934***	0.2442684***	0.2535897***	0.0456277***	0.2318713***	0.1957507***
	(153.083)	(6.390)	(6.417)	(75.504)	(3.638)	(3.089)
						
Observations	11,829	11,829	11,829	4,026	4,026	4,026
R-squared	0.169	0.186	0.187	0.074	0.104	0.108
Number of id	2,994	2,994	2,994	953	953	953
年份固定效应	YES	YES	YES	YES	YES	YES
个体固定效应	YES	YES	YES	YES	YES	YES
Robust t-statistics in parentheses						
*** p<0.01, ** p<0.05, * p<0.1						
