	(1) Audit = 1	(2) Audit = 0
回归模型	固定效应模型	固定效应模型
变量	KZ	KZ	组间系数差异检验 (P值)
Time*Treat	0.045	−0.166^**	0.087^*
	(0.11)	(−2.40)	0.087^*
Asset	−1.209	−0.078	0.952
	(−0.72)	(−0.56)	0.952
Tangible	5.175	1.489^***	0.710
	(1.05)	(3.18)	0.710
ROA	−1.278	−1.319^***	0.103
	(−0.23)	(−3.48)	0.103
Age	0.666	0.088	0.951
	(1.97)	(0.25)	0.951
Volatility	−5.845	0.878	0.213
	(−0.63)	(0.61)	0.213
Growth	−0.386	−0.175^**	0.861
	(−0.92)	(−2.54)	0.861
Debt	4.042	0.757^***	0.164
	(0.71)	(4.37)	0.164
Credit	−1.921	2.407^***	0.041^**
	(−0.27)	(3.80)	0.041^**
Constant	16.090	1.461	0.678
	(0.53)	(0.25)	0.678
样本量	43	3667
R²	0.508	0.138
公司固定	YES	YES
年份固定	YES	YES