	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAS	上游度	外包时间	VAS	上游度	外包时间
						
DID	0.0503437**	0.0943064**	-0.1927003*	0.0045422	-0.0063211	0.0449991
	(2.045)	(2.410)	(-1.725)	(0.644)	(-1.097)	(1.407)
Size	-0.0030032	0.0071462	0.1552701**	0.0006709	0.0092374	0.1462162***
	(-0.240)	(0.312)	(2.103)	(0.084)	(1.358)	(3.103)
Lev	-0.0155672	-0.1034817	-0.2078549*	-0.0266702	-0.0297388	0.0196226
	(-0.434)	(-1.328)	(-1.671)	(-0.971)	(-1.544)	(0.168)
ROA	-0.1381594***	-0.1215943*	-0.0818351	-0.1596990***	-0.0506847***	-0.0932341
	(-2.679)	(-1.927)	(-0.680)	(-4.165)	(-2.781)	(-0.642)
FirmAge	0.0294748	-0.0618110	-0.0185521	0.0092827	0.0540741	0.2101625
	(0.301)	(-0.281)	(-0.051)	(0.136)	(0.785)	(0.530)
FIXED	-0.0707126	-0.1836812*	0.2331176	-0.0006665	-0.0140804	0.3448006
	(-1.051)	(-1.950)	(0.890)	(-0.017)	(-0.467)	(1.480)
ATO	-0.0608838**	0.0369473	0.0464955	-0.0247481	-0.0042768	0.0134451
	(-2.361)	(1.444)	(0.646)	(-1.590)	(-0.536)	(0.282)
Board	0.0397442	-0.0183947	0.4184737	0.0309018	0.0126661	-0.0051849
	(1.390)	(-0.379)	(1.378)	(1.283)	(0.417)	(-0.057)
Indep	0.1529920	-0.0655174	1.4507908	0.0520149	0.0538375	0.0991522
	(1.612)	(-0.421)	(1.611)	(0.678)	(0.864)	(0.284)
Dual	0.0061791	0.0158083	-0.0352601	0.0100704	0.0054807	0.0259800
	(0.602)	(0.940)	(-1.054)	(1.327)	(1.124)	(0.968)
Top1	0.2138854	0.1084544	1.4465937*	0.0821241	-0.1013456*	0.2015304
	(1.592)	(0.716)	(1.899)	(1.087)	(-1.888)	(0.491)
Constant	0.3411362	0.9058312	-5.0208696**	0.3801812	0.1138288	-3.8113125**
	(0.996)	(1.052)	(-2.078)	(1.522)	(0.434)	(-2.486)
						
Observations	2,027	2,027	2,027	3,662	3,662	3,662
R-squared	0.042	0.477	0.031	0.021	0.014	0.017
Number of id	501	501	501	859	859	859
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						
