| 变量 | (国有) | (非国有) | (低竞争组) | (高竞争组) | (东部地区) | (非东部) |
| AbsINV | AbsINV | AbsINV | AbsINV | AbsINV | AbsINV | |
| did | −0.00463* | −0.00146 | −0.00423 | −0.00492* | −0.00488* | −0.00114 |
| (0.00247) | (0.00364) | (0.00483) | (0.00278) | (0.00269) | (0.00352) | |
| Size | −0.00276* | −0.00610*** | −0.0124*** | −0.00571*** | −0.00903*** | −0.00386* |
| (0.00157) | (0.00211) | (0.00311) | (0.00194) | (0.00209) | (0.00231) | |
| Lev | 0.00405 | −0.0118** | −0.00964 | −0.00892 | −0.00662 | −0.00757 |
| (0.00555) | (0.00498) | (0.00835) | (0.00681) | (0.00694) | (0.00744) | |
| ROA | 0.0611*** | 0.0115 | 0.0199 | 0.0287** | 0.0207 | 0.0414*** |
| (0.0108) | (0.0125) | (0.0199) | (0.0138) | (0.0160) | (0.0131) | |
| Cashflow | −0.00565 | 0.00355 | 0.00681 | −0.00298 | −0.000756 | −0.00311 |
| (0.00687) | (0.00734) | (0.0114) | (0.00720) | (0.00682) | (0.0117) | |
| TobinQ | 0.000298 | 8.90e−06 | 0.000103 | −2.85e−05 | −9.50e−05 | 6.99e−05 |
| (0.000466) | (0.000152) | (0.000475) | (0.000143) | (0.000456) | (0.000178) | |
| FirmAge | 0.00203 | −0.0125** | 0.00339 | 0.00275 | −0.000731 | −0.00263 |
| (0.00515) | (0.00602) | (0.00832) | (0.00596) | (0.00573) | (0.00754) | |
| Board | −0.00328 | −0.00843 | −0.00980 | −0.00591 | −0.000254 | −0.0228*** |
| (0.00471) | (0.00528) | (0.00730) | (0.00594) | (0.00466) | (0.00837) | |
| Indep | 0.00206 | 0.00604 | −0.00489 | 0.00126 | 0.0114 | −0.00285 |
| (0.0118) | (0.0181) | (0.0207) | (0.0144) | (0.0147) | (0.0196) | |
| Dual | 0.000377 | 0.00154 | −0.000154 | 0.00255 | 0.00193 | 0.00266 |
| (0.00269) | (0.00176) | (0.00225) | (0.00221) | (0.00189) | (0.00273) | |
| Top1 | 0.00403 | 0.0322*** | 0.0135 | 0.0246*** | 0.0305*** | 0.0124 |
| (0.00795) | (0.0103) | (0.0159) | (0.00845) | (0.00935) | (0.0118) | |
| Mshare | 0.0288 | −0.000498 | 0.0139 | −0.00391 | 0.00263 | 0.00576 |
| (0.0512) | (0.00628) | (0.0114) | (0.00810) | (0.00746) | (0.0127) | |
| Growth | −3.64e−07*** | 1.04e−06 | 0.000180 | −2.78e−07*** | 7.30e−05*** | −3.16e−07*** |
| (2.09e−08) | (1.38e−06) | (0.000442) | (3.06e−08) | (1.05e−05) | (2.65e−08) | |
| 个体固定 | 是 | 是 | 是 | 是 | 是 | 是 |
| 时间固定 | 是 | 是 | 是 | 是 | 是 | 是 |
| 地区固定 | 是 | 是 | 是 | 是 | 是 | 是 |
| 截距项 | 0.0675* | 0.170*** | 0.327*** | 0.176*** | 0.233*** | 0.191*** |
| (0.0408) | (0.0427) | (0.0664) | (0.0417) | (0.0431) | (0.0505) | |
| 样本量 | 13,493 | 17,285 | 10,373 | 17,593 | 18,243 | 9723 |
| 调整R2 | 0.033 | 0.048 | 0.044 | 0.034 | 0.041 | 0.034 |