	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	Invest	ROI	Invest	ROI	Invest	ROI
						
DID	0.0054079***	0.0003910*	-0.0095016*	-0.0011120**	-0.0064786	-0.0272892
	(2.841)	(1.802)	(-1.807)	(-2.402)	(-1.286)	(-1.048)
Size	0.0039113*	-0.0000204	-0.0014095	-0.0003193	0.0000214	-0.0973831
	(1.805)	(-0.080)	(-0.460)	(-1.364)	(0.006)	(-0.967)
Lev	0.0180524***	0.0017744**	0.0095936	0.0001452	0.0147219	-0.1170018
	(2.943)	(2.572)	(1.333)	(0.344)	(1.218)	(-1.012)
ROA	0.0190655***	0.0081507***				
	(2.788)	(8.646)				
FirmAge	-0.0066194	0.0016516	0.0253274	0.0025924	-0.0103649	0.0433501
	(-0.399)	(0.949)	(1.177)	(1.459)	(-0.411)	(0.995)
FIXED	-0.0478231***	-0.0050508***	0.2582578***	0.0068765***	0.2024007***	-0.0461450
	(-4.459)	(-4.397)	(6.729)	(2.992)	(8.752)	(-0.754)
ATO	-0.0041670	-0.0016043***				
	(-1.583)	(-5.181)				
Board	0.0054770	0.0005202				
	(1.126)	(0.979)				
Indep	0.0040246	0.0006673				
	(0.267)	(0.408)				
Dual	-0.0002226	-0.0000067				
	(-0.167)	(-0.046)				
Top1	0.0194240*	0.0019459*				
	(1.796)	(1.674)				
PR			-0.0002095	0.0000350	0.0016408	-0.0060378
			(-0.293)	(0.712)	(1.090)	(-0.878)
Employee			0.0029785	0.0001367	0.0010112	0.0624646
			(1.057)	(0.670)	(0.344)	(0.977)
Constant	-0.0339655	0.0000516	-0.0603747	-0.0034356	0.0100394	0.9509731
	(-0.544)	(0.007)	(-0.903)	(-0.691)	(0.131)	(0.954)
						
Observations	11,829	11,829	4,573	4,573	5,162	5,162
R-squared	0.020	0.034	0.061	0.011	0.046	0.019
Number of id	2,994	2,994				
年份固定效应	YES	YES	YES	YES	YES	YES
个体固定效应	YES	YES	YES	YES	YES	YES
Number of firm_id			1,035	1,035	1,153	1,153
Robust t-statistics in parentheses						
*** p<0.01, ** p<0.05, * p<0.1						
