	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	VAT_burden	Invest	ROI	VAT_burden	Invest	ROI
						
DID	0.0108507**	-0.0094674*	-0.0010965**	-0.0042227	-0.0063078	-0.0275379
	(2.052)	(-1.791)	(-2.364)	(-1.526)	(-1.248)	(-1.048)
Size	-0.0023629	-0.0014151	-0.0003218	-0.0050449	-0.0001131	-0.0971872
	(-0.521)	(-0.461)	(-1.371)	(-1.347)	(-0.030)	(-0.967)
Lev	-0.0089030	0.0095924	0.0001447	0.0051733	0.0154230	-0.1180226
	(-0.993)	(1.333)	(0.343)	(0.632)	(1.281)	(-1.012)
FirmAge	-0.0272476	0.0255351	0.0026865	0.0038518	-0.0065939	0.0378595
	(-1.623)	(1.170)	(1.516)	(0.281)	(-0.263)	(0.976)
PR	0.0088570***	-0.0002103	0.0000346	0.0078816***	0.0016853	-0.0061025
	(3.181)	(-0.294)	(0.706)	(3.282)	(1.138)	(-0.880)
Employee	-0.0033945	0.0029814	0.0001381	-0.0007048	0.0009947	0.0624886
	(-1.186)	(1.057)	(0.675)	(-0.290)	(0.338)	(0.977)
FIXED	-0.0406627	0.2583061***	0.0068984***	0.0057410	0.2029487***	-0.0469428
	(-1.587)	(6.731)	(3.001)	(0.455)	(8.767)	(-0.758)
Constant	0.1455823**	-0.0608243	-0.0036393	0.0782188	0.0021264	0.9624946
	(2.148)	(-0.907)	(-0.734)	(1.191)	(0.028)	(0.955)
						
Observations	4,573	4,573	4,573	5,162	5,162	5,162
R-squared	0.068	0.061	0.011	0.045	0.048	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						
