	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	Invest	ROI	VAT_burden	Invest	ROI
						
DID	0.0109486**	-0.0097071*	-0.0010341**	-0.0037447	-0.0068492	-0.0295194
	(2.043)	(-1.811)	(-2.218)	(-1.328)	(-1.324)	(-1.046)
Size	-0.0020281	-0.0002750	-0.0002981	-0.0047141	-0.0006728	-0.1018800
	(-0.434)	(-0.087)	(-1.227)	(-1.205)	(-0.174)	(-0.967)
Lev	-0.0097773	0.0103242	0.0002180	0.0046885	0.0177627	-0.1209402
	(-1.036)	(1.391)	(0.511)	(0.554)	(1.433)	(-1.011)
FirmAge	-0.0300903*	0.0218303	0.0026279	0.0025400	-0.0181283	0.0398413
	(-1.755)	(1.015)	(1.495)	(0.179)	(-0.711)	(1.000)
PR	0.0091221***	-0.0002022	0.0000602	0.0072629***	0.0016276	-0.0066947
	(3.181)	(-0.274)	(1.352)	(2.860)	(1.040)	(-0.878)
Employee	-0.0036854	0.0021674	0.0001030	-0.0006646	0.0008003	0.0642431
	(-1.273)	(0.763)	(0.501)	(-0.267)	(0.268)	(0.977)
FIXED	-0.0489060*	0.2646829***	0.0070849***	0.0046226	0.2088504***	-0.0459811
	(-1.874)	(6.746)	(3.059)	(0.356)	(8.805)	(-0.748)
Constant	0.1510781**	-0.0641587	-0.0036942	0.0769978	0.0368105	1.0109988
	(2.159)	(-0.938)	(-0.743)	(1.114)	(0.466)	(0.955)
						
Observations	4,412	4,412	4,412	4,995	4,995	4,995
R-squared	0.067	0.065	0.011	0.038	0.048	0.020
Number of firm_id	999	999	999	1,115	1,115	1,115
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						
