	(1)	(2)	(3)
变量	Invest	OInvest	UndInvest
Miscredit	0.002^**	0.005^***	0.002^***
Miscredit	(2.39)	(2.74)	(−3.57)
Growth	−0.001^**	−0.002	−0.001
Growth	(−2.04)	(−1.58)	(−1.02)
Top10	−0.000	0.000^***	−0.000^**
Top10	(−0.63)	(3.02)	(−2.30)
Size	0.005^**	0.004	0.001^*
Size	(2.46)	(0.95)	(1.66)
Staff	−0.003	−0.012^**	0.003^***
Staff	(−1.24)	(−2.00)	(2.79)
Eps	−0.001	0.018^***	−0.007^***
Eps	(−0.64)	(4.27)	(−4.12)
Profit	0.065^***	0.010	0.025^**
Profit	(4.39)	(0.34)	(2.24)
Constant	−0.085^***	0.027	−0.075^***
Constant	(−3.66)	(0.64)	(−5.74)
年度	控制	控制	控制
行业	控制	控制	控制
Observations	6127	2519	3608
R-squared	0.011	0.053	0.065