	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	Invest	ROI	VAT_burden	Invest	ROI
						
DID	0.01075532*	-0.00949975*	-0.00093314**	-0.00434844	-0.00516714	-0.00085909
	(1.894)	(-1.737)	(-1.966)	(-1.506)	(-1.002)	(-0.891)
Size	-0.00167643	-0.00139368	-0.00019136	-0.00432433	0.00209263	0.00489765
	(-0.360)	(-0.434)	(-0.880)	(-1.121)	(0.672)	(0.887)
Lev	-0.01289855	0.00916214	0.00022287	0.00521065	0.01753083	0.00011482
	(-1.458)	(1.194)	(0.516)	(0.631)	(1.442)	(0.061)
FirmAge	-0.02841644*	0.03246647	0.00269783	0.00154865	-0.01762500	0.00142852
	(-1.703)	(1.484)	(1.485)	(0.110)	(-0.675)	(0.290)
PR	0.00781841**	0.00020166	0.00004851	0.00673667***	0.00209819	0.00068208
	(2.509)	(0.229)	(0.781)	(2.707)	(1.218)	(1.512)
Employee	-0.00334585	0.00256459	0.00005032	0.00056525	-0.00060602	-0.00268614
	(-1.143)	(0.846)	(0.249)	(0.227)	(-0.231)	(-1.216)
FIXED	-0.04273036	0.25961472***	0.00660602***	0.00605634	0.20377710***	0.01288082**
	(-1.603)	(6.376)	(2.752)	(0.470)	(8.718)	(2.085)
Constant	0.14189248**	-0.07538330	-0.00493960	0.06587273	0.00735721	-0.05763575
	(2.073)	(-1.098)	(-0.993)	(0.983)	(0.096)	(-0.938)
						
Observations	4,454	4,454	4,454	5,045	5,045	5,045
R-squared	0.055	0.060	0.015	0.035	0.054	0.997
Number of firm_id	1,033	1,033	1,033	1,151	1,151	1,151
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						
