(1)

(2)

(3)

(4)

DDBTD

DDBTD

BTD

BTD

强征管

弱征管

强征管

弱征管

policy

−0.0354^***

-0.0307^***

−0.0174^***

−0.0090^**

(−5.22)

(−5.34)

(−3.49)

(−2.31)

lnlabor

−0.0044^***

−0.0044^***

−0.0012

−0.0013

(−3.56)

(−3.17)

(−1.26)

(−1.35)

lnasset

0.0059^***

0.0098^***

0.0035^***

0.0070^***

(3.94)

(6.37)

(3.31)

(6.62)

asset

−0.0000^***

−0.0000^***

−0.0000^*

−0.0000^**

(−2.67)

(−2.58)

(−1.78)

(−2.37)

lev

0.0008^***

0.0026^***

0.0007^***

0.0019^***

(3.19)

(4.08)

(3.52)

(4.56)

npr

−0.0056^*

0.2494^***

−0.0039^*

0.1929^***

(−1.81)

(4.52)

(−1.77)

(4.73)

roa

0.1319^***

−0.1984^**

0.0950^***

−0.1573^**

(2.89)

(−2.15)

(2.95)

(−2.40)

growth

0.0004^***

−0.0000^***

0.0001

−0.0000^***

(2.95)

(−28.72)

(0.48)

(−30.17)

age

−0.0012^*

−0.0001

0.0004

0.0006

(−1.91)

(−0.15)

(0.93)

(1.24)

age₂

0.0000^**

0.0000

0.0000

−0.0000

(2.28)

(0.50)

(0.14)

(−0.96)

ppe

−0.0856^***

−0.0633^***

−0.0076

0.0074

(−11.86)

(−8.43)

(−1.47)

(1.37)

年份效应

Yes

Yes

Yes

Yes

省份效应

Yes

Yes

Yes

Yes

行业效应

Yes

Yes

Yes

Yes

N

8435

7009

8435

7009