| 变量 | GTI | GTI | GTI | GTI |
| (1) | (2) | (3) | (4) | |
| treat × post | -0.185*** (0.0622) | -0.199*** (0.0657) | -1.635** (0.641) | -1.675** (0.681) |
| Sub × treat |
|
| -0.00735 (0.00689) | -0.0122 (0.00823) |
| Sub × treat × post |
|
| 0.0963** (0.0380) | 0.100** (0.0405) |
| Sub × post |
|
| -0.128*** (0.0431) | -0.127*** (0.0449) |
| Sub |
|
| 0.112*** (0.0254) | 0.0582** (0.0265) |
| Growth |
| 0.0502 (0.0683) |
| 0.0639 (0.0691) |
| Lev |
| 0.0168 (0.125) |
| 0.0851 (0.125) |
| Ros |
| -0.567*** (0.213) |
| -0.319* (0.192) |
| size |
| 0.166*** (0.0259) |
| 0.127*** (0.0286) |
| age |
| -0.0284 (0.0329) |
| -0.0196 (0.0324) |
| TobinQ |
| 0.0222 (0.0185) |
| 0.0162 (0.0180) |
| 企业 | 控制 | 控制 | 控制 | 控制 |
| 年度 | 控制 | 控制 | 控制 | 控制 |
| 样本量 | 1630 | 1630 | 1630 | 1630 |
| 调整R2 | 0.009 | 0.091 | 0.040 | 0.079 |