	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	Invest	ROI	VAT_burden	Invest	ROI
						
DID	0.0104718*	-0.0103531**	-0.0009971**	-0.0038719	-0.0076842	-0.0324954
	(1.872)	(-2.043)	(-2.083)	(-1.313)	(-1.612)	(-1.028)
Size	-0.0042668	-0.0004057	-0.0002799	-0.0059628	0.0012253	-0.1063663
	(-1.084)	(-0.123)	(-1.096)	(-1.457)	(0.316)	(-0.967)
Lev	0.0003489	0.0098618	-0.0002200	0.0077712	0.0086445	-0.1259479
	(0.041)	(1.505)	(-0.558)	(0.949)	(0.855)	(-1.019)
FirmAge	-0.0237379	0.0207643	0.0029077	0.0033414	-0.0152189	0.0422542
	(-1.417)	(0.959)	(1.615)	(0.241)	(-0.599)	(0.992)
PR	0.0095572***	-0.0002159	0.0000384	0.0088449***	0.0015199	-0.0063748
	(3.402)	(-0.299)	(0.752)	(3.688)	(1.014)	(-0.873)
Employee	-0.0014891	0.0039755	0.0001705	-0.0008340	0.0023905	0.0645672
	(-0.533)	(1.365)	(0.809)	(-0.327)	(0.792)	(0.979)
FIXED	-0.0295079	0.2659389***	0.0082781***	0.0094305	0.2159709***	-0.0537772
	(-1.103)	(6.408)	(3.554)	(0.731)	(9.406)	(-0.755)
Constant	0.1439025**	-0.0672990	-0.0045764	0.0899513	-0.0036659	1.0670404
	(2.316)	(-0.983)	(-0.891)	(1.271)	(-0.047)	(0.953)
						
Observations	4,320	4,320	4,320	4,954	4,954	4,954
R-squared	0.068	0.063	0.014	0.052	0.051	0.020
Number of firm_id	978	978	978	1,106	1,106	1,106
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						
