	(1)	(2)	(3)
	b1	b2	b3
VARIABLES	fa	dummy	fa_op
			
treatment	0.0161856***	0.0450326***	0.0084664***
	(42.828)	(16.612)	(37.992)
size	-0.0009916***	0.0304275***	0.0012470***
	(-6.784)	(50.424)	(17.884)
debt_asset	-0.0018967***	-0.0007431	0.0001288
	(-7.953)	(-0.617)	(0.984)
age	-0.0006390*	-0.0043647*	-0.0006965***
	(-1.903)	(-1.705)	(-3.075)
prof	0.0012207***	0.0123971***	0.0004104***
	(9.122)	(17.469)	(5.819)
zzs	-0.0000150	0.0002750***	0.0000003
	(-1.500)	(4.560)	(0.041)
GDP	0.0053006***	-0.0297302***	0.0006557
	(5.603)	(-5.076)	(1.070)
finance	0.0002527	-0.0093202**	0.0001878
	(0.358)	(-2.156)	(0.401)
fin_deepening	0.0008926***	-0.0074060***	0.0002337
	(3.806)	(-4.787)	(1.515)
ln_bank	-0.0068282***	-0.0517817***	-0.0041843***
	(-6.320)	(-8.449)	(-5.554)
ln_finance_worker	0.0011387**	-0.0018395	0.0000554
	(2.464)	(-0.661)	(0.187)
Constant	0.0003161	1.0010138***	0.0234640**
	(0.020)	(10.224)	(2.253)
			
Observations	1,380,080	1,380,080	1,380,080
R-squared	0.427	0.499	0.436
企业层面控制变量	YES	YES	YES
城市层面控制变量	YES	YES	YES
年份固定效应	YES	YES	YES
个体固定效应	YES	YES	YES
Robust t-statistics in parentheses			
*** p<0.01, ** p<0.05, * p<0.1			
