	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	CF	Flex	CF	Flex	CF	Flex
						
DID	0.0529042***	0.0280426***	-0.1782018*	-0.0646269*	0.0590281	-0.0386127
	(3.326)	(3.960)	(-1.891)	(-1.778)	(0.670)	(-1.534)
Size	0.9445321***	0.0834654***	0.6858953***	-0.2781793***	0.6786189***	-0.1872731***
	(54.318)	(11.148)	(7.379)	(-7.304)	(7.332)	(-6.044)
Lev	0.3453441***	0.5862520***	0.1551799	-0.3366632***	0.1908979	-0.5103796***
	(7.281)	(26.690)	(1.550)	(-5.481)	(1.090)	(-9.552)
ROA	-0.4504902***	0.2161264***				
	(-7.660)	(7.777)				
FirmAge	-0.0328800	-0.3119199***	0.2905135	0.1147960	0.1783603	0.4024207***
	(-0.262)	(-5.954)	(0.875)	(0.625)	(0.485)	(3.366)
FIXED	-0.1569293***	-0.3294552***	0.3588311	0.3175571	0.5722885	0.5742243***
	(-2.656)	(-12.907)	(0.701)	(1.525)	(1.548)	(6.284)
ATO	0.8944008***	0.0448236***				
	(31.142)	(4.131)				
Board	-0.0191093	-0.0156844				
	(-0.504)	(-0.853)				
Indep	-0.2065343**	-0.0103836				
	(-1.991)	(-0.210)				
Dual	0.0032104	0.0006370				
	(0.333)	(0.145)				
Top1	-0.2456231***	0.1063056***				
	(-3.142)	(2.637)				
PR			0.1256346***	0.0061135	0.2639036***	0.0023306
			(4.807)	(1.140)	(6.488)	(0.279)
Employee			0.2626653***	0.0635421***	0.4702480***	0.0191146
			(5.556)	(2.868)	(7.469)	(1.267)
Constant	0.6119110	-1.0736348***	8.7811666***	3.2606786***	7.0537013***	1.6226461***
	(1.222)	(-4.885)	(5.559)	(4.738)	(4.562)	(3.081)
						
Observations	11,127	10,934	2,613	3,914	3,651	4,701
R-squared	0.667	0.285	0.240	0.118	0.261	0.158
Number of id	2,978	2,722				
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			766	1,016	1,010	1,140
Robust t-statistics in parentheses						
*** p<0.01, ** p<0.05, * p<0.1						
