	(1)	(2)	(3)	(4)
VARIABLES	HHI_主营业务收入	HHI_所有者权益	HHI_主营业务收入	HHI_所有者权益
				
DID	0.0048808	-0.0020484	0.0063376	0.0010442
	(1.271)	(-0.890)	(0.969)	(0.181)
Size	-0.0036106	0.0099285***	-0.0121851**	0.0002293
	(-0.606)	(3.781)	(-2.559)	(0.086)
Lev	0.0152138	0.0061893	-0.0139371	-0.0131861
	(0.898)	(0.804)	(-0.854)	(-1.382)
ROA	0.0233871*	0.0377307***	-0.0034463	-0.0133762*
	(1.749)	(4.295)	(-0.339)	(-1.930)
FirmAge	-0.0103837	0.0499861*	-0.0689359	0.0206851
	(-0.273)	(1.705)	(-1.546)	(0.637)
FIXED	-0.0195575	0.0149445	-0.0004717	0.0003414
	(-0.671)	(1.176)	(-0.021)	(0.018)
ATO	0.0060536	0.0106471***	-0.0127993	-0.0010571
	(0.600)	(2.803)	(-1.434)	(-0.393)
Board	0.0074814	-0.0095864	0.0281362	-0.0014912
	(0.474)	(-1.080)	(1.541)	(-0.135)
Indep	-0.0468600	-0.0257592	0.0963037*	-0.0106478
	(-1.007)	(-1.166)	(1.904)	(-0.339)
Dual	0.0091222*	0.0000515	0.0037671	-0.0009359
	(1.711)	(0.027)	(1.391)	(-0.449)
Top1	0.0182413	-0.0474447**	0.0703283**	0.0964895*
	(0.678)	(-2.397)	(2.218)	(1.842)
Constant	0.1168664	-0.2269695**	0.4819327***	0.0085015
	(0.640)	(-2.295)	(2.856)	(0.074)
				
Observations	3,662	3,686	1,997	1,997
R-squared	0.023	0.415	0.256	0.130
Number of id	854	855	497	497
年份固定效应	YES	YES	YES	YES
个体固定效应	YES	YES	YES	YES
Robust t-statistics in parentheses				
*** p<0.01, ** p<0.05, * p<0.1				
