	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	Invest	ROI	VAT_burden	Invest	ROI
						
DID	0.0101699*	-0.0094497*	-0.0011112**	-0.0042638	-0.0064766	-0.0272037
	(1.945)	(-1.796)	(-2.401)	(-1.541)	(-1.287)	(-1.048)
Size	-0.0022590	-0.0013992	-0.0003191	-0.0050117	0.0000199	-0.0974466
	(-0.502)	(-0.456)	(-1.364)	(-1.337)	(0.005)	(-0.967)
Lev	-0.0088823	0.0095820	0.0001451	0.0049067	0.0147198	-0.1170921
	(-0.987)	(1.330)	(0.344)	(0.598)	(1.217)	(-1.012)
FirmAge	-0.0311452*	0.0248627	0.0025853	0.0025489	-0.0103624	0.0434545
	(-1.873)	(1.158)	(1.455)	(0.186)	(-0.411)	(0.996)
PR	0.0088744***	-0.0002020	0.0000351	0.0078654***	0.0016408	-0.0060403
	(3.186)	(-0.283)	(0.714)	(3.270)	(1.089)	(-0.878)
Employee	-0.0034874	0.0028782	0.0001352	-0.0006744	0.0010138	0.0625756
	(-1.215)	(1.026)	(0.663)	(-0.276)	(0.344)	(0.977)
FIXED	-0.0413562	0.2586018***	0.0068818***	0.0054579	0.2023911***	-0.0465521
	(-1.599)	(6.724)	(2.993)	(0.431)	(8.748)	(-0.756)
Constant	0.1541839**	-0.0589279	-0.0034134	0.0816042	0.0101038	0.9536858
	(2.270)	(-0.885)	(-0.687)	(1.237)	(0.131)	(0.954)
						
Observations	4,573	4,573	4,573	5,162	5,162	5,162
R-squared	0.066	0.061	0.011	0.044	0.046	0.019
Number of firm_id	1,035	1,035	1,035	1,153	1,153	1,153
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						
