| Variables | 虚构政策时间 | 虚构处理组 | ||
| (1) | (2) | (3) | (4) | |
| Post × Treated | 0.040 | 0.063 | 0.083 | −0.025 |
| (0.43) | (0.58) | (1.12) | (0.25) | |
| Constant | −10.30*** | −10.30*** | −10.30*** | −9.623*** |
| (9.56) | (8.42) | (12.64) | (10.28) | |
| Controls | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| Observations | 14,966 | 14,966 | 14,966 | 14,966 |
| R-squared | 0.115 | 0.106 | 0.132 | 0.104 |