	(1)	(2)	(3)	(4)
VARIABLES	HHI	行业勒纳	HHI	行业勒纳
				
DID	0.0015215	0.0052713	-0.0110514	-0.0334944
	(0.269)	(0.421)	(-0.791)	(-1.558)
Size	-0.0036250		0.0104815	
	(-0.723)		(0.781)	
Lev	0.0182853		-0.0544521	
	(1.183)		(-1.324)	
ROA	0.0213174		0.0817742**	
	(1.295)		(2.199)	
FirmAge	-0.0711457		-0.2022405	
	(-1.252)		(-1.480)	
FIXED	-0.0350434		0.0984627	
	(-1.197)		(1.366)	
ATO	-0.0054672		0.0228069	
	(-0.590)		(1.151)	
Board	0.0191976		-0.0434210	
	(1.356)		(-0.887)	
Indep	0.0360132		-0.1997470	
	(0.897)		(-1.543)	
Dual	0.0031574		0.0046757	
	(0.798)		(0.529)	
Top1	-0.1091611**		0.0230220	
	(-2.083)		(0.254)	
行业Size		-0.0004265		0.0108313
		(-0.021)		(0.435)
行业Lev		0.0784807		0.0452828
		(1.299)		(0.495)
行业ROA		0.4323792***		0.4051778***
		(5.209)		(3.882)
行业FirmAge		0.0828464		0.1399692*
		(1.104)		(1.833)
行业ATO		0.0300689		0.0628564*
		(0.865)		(1.892)
行业FIXED		0.0616543		0.4499137**
		(0.444)		(2.448)
行业Board		0.0640456		0.1936974
		(0.627)		(1.401)
行业Indep		0.0341515		0.1482223
		(0.118)		(0.361)
行业Dual		-0.0111830		-0.0184223
		(-0.572)		(-0.691)
行业Top1		-0.2506870*		-0.2644758**
		(-1.784)		(-2.333)
Constant	0.4073209**	-0.2660408	0.7950558*	-1.0728741***
	(2.040)	(-0.873)	(1.781)	(-2.842)
				
Observations	3,719	221	2,001	127
R-squared	0.016	0.370	0.058	0.483
Number of id	858		495	
年份固定效应	YES	YES	YES	YES
个体固定效应	YES	YES	YES	YES
Number of 上市公司行业代码C_编码		45		26
Robust t-statistics in parentheses				
*** p<0.01, ** p<0.05, * p<0.1				
