VARIABLES	AINVT		Under_investment		Over_investment
VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ROAdis	0.00088	0.00482^*	0.00196	0.00875^***	0.01231^*	0.01317^*
	(0.37)	(1.86)	(1.62)	(6.67)	(1.69)	(1.71)
Size		0.00042		−0.00083^***		0.00057
		(1.39)		(−5.16)		(0.73)
FCF		0.00995^**		−0.00391		0.00733
		(2.18)		(−1.57)		(0.59)
Lev		0.00535^***		−0.00122		0.01233^**
		(3.02)		(−1.19)		(2.46)
Age		−0.00053^***		−0.00046^***		−0.00502^***
		(−9.99)		(−16.07)		(−5.80)
Owner		−0.00495^***		0.00016		−0.01083^***
		(−7.08)		(0.42)		(−6.07)
Industry	控制	控制	控制	控制	控制	控制
Year	控制	控制	控制	控制	控制	控制
_cons	0.03159^***	0.02675^***	0.02420^***	0.04707^***	0.04287^***	0.03639^**
	(58.15)	(4.24)	(82.18)	(13.92)	(29.03)	(2.20)
R−squared	0.027	0.047	0.088	0.132	0.022	0.048
Obs.	12465	12465	8113	8113	4352	4352