	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	Invest	ROI	VAT_burden	Invest	ROI
						
DID	0.0081099*	-0.0094615*	-0.0011385**	-0.0040255	-0.0062590	-0.0268176
	(1.901)	(-1.770)	(-2.411)	(-1.553)	(-1.228)	(-1.050)
Size	-0.0019329	-0.0000761	-0.0002048	-0.0015478	-0.0002792	-0.1051137
	(-0.387)	(-0.021)	(-0.819)	(-0.453)	(-0.070)	(-0.970)
Lev	-0.0078798	0.0118368	0.0001985	0.0040632	0.0140945	-0.1217284
	(-0.876)	(1.411)	(0.416)	(0.511)	(1.115)	(-1.013)
FirmAge	-0.0293746*	0.0230541	0.0025690	0.0037798	-0.0085164	0.0426176
	(-1.920)	(1.061)	(1.420)	(0.282)	(-0.336)	(0.991)
PR	0.0093302**	-0.0013978	0.0000182	0.0063265***	0.0013176	-0.0045331
	(2.260)	(-1.351)	(0.198)	(2.601)	(0.703)	(-0.800)
Employee	-0.0047807**	0.0029138	0.0001104	-0.0022795	0.0002787	0.0671067
	(-1.963)	(0.975)	(0.510)	(-1.073)	(0.087)	(0.979)
FIXED	-0.0314050	0.2693910***	0.0068402***	0.0097149	0.2089568***	-0.0554475
	(-1.221)	(6.607)	(2.833)	(0.814)	(8.784)	(-0.781)
Constant	0.1502981**	-0.0745501	-0.0048007	0.0394527	0.0129779	1.0374153
	(2.048)	(-1.034)	(-0.918)	(0.615)	(0.163)	(0.957)
						
Observations	4,464	4,464	4,464	5,108	5,108	5,108
R-squared	0.050	0.062	0.010	0.025	0.047	0.020
Number of firm_id	1,028	1,028	1,028	1,150	1,150	1,150
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						
