	(1)	(2)	(3)	(4)	(5)	(6)
	e1	e2	e3	e4	e5	e6
VARIABLES	mkp	企业勒纳指数	金额总和_千万元	TFP_LP	下游未受到政策影响的企业数量	下游企业本级供应商数量
						
DDD	0.0226561**	0.0103425**	0.0671785***	0.0667780***	-1.1432695***	-0.0446467***
	(2.538)	(2.334)	(7.124)	(2.893)	(-9.205)	(-3.019)
Size	0.0890538***	0.0337917***		0.4531692***	0.0782123	
	(12.550)	(7.617)		(18.458)	(1.105)	
Lev	-0.2521697***	-0.0335183**		0.0420029	-0.1376781	
	(-8.004)	(-2.184)		(0.522)	(-0.502)	
ROA	1.0883444***	1.1160723***		1.5921739***	0.7325893	
	(13.843)	(28.297)		(9.173)	(1.279)	
FirmAge	-0.0280353	0.0016326		0.1636909	1.3800158**	
	(-0.807)	(0.089)		(1.605)	(2.241)	
FIXED	0.0954182***	-0.0029486		-0.7650022***	-0.3997852	
	(2.879)	(-0.161)		(-7.652)	(-1.179)	
INV	0.1151278**	0.0226167		0.6970319***	0.5589900	
	(2.559)	(0.820)		(4.441)	(1.381)	
Board	-0.0083519	-0.0018347		0.0417518	0.0703059	
	(-0.296)	(-0.116)		(0.621)	(0.190)	
Indep	-0.0003971	-0.0004012		-0.0017847	0.0074995	
	(-0.620)	(-1.147)		(-1.011)	(0.757)	
Dual	0.0030315	0.0054708		-0.0362962	-0.0294908	
	(0.367)	(1.409)		(-1.624)	(-0.274)	
TOP1	0.0009799**	0.0003230		0.0012275	-0.0054250	
	(2.068)	(1.333)		(0.955)	(-1.023)	
Big4	-0.0135583	0.0012512		0.0684142	0.0622163	
	(-0.626)	(0.092)		(0.849)	(0.182)	
size_chain						0.0062681
						(1.044)
age_chain						0.0030048
						(0.134)
roa_chain						-0.0065380
						(-0.145)
lev_chain						-0.0083779
						(-0.381)
固定资产比资产						-0.0014318
						(-0.121)
存货比资产						0.0014790
						(1.533)
Constant	0.1965481	-0.6758038***	0.4532875***	-2.3231576***	-2.0082265	0.5967663***
	(1.034)	(-5.985)	(145.183)	(-4.241)	(-0.805)	(6.643)
						
Observations	9,923	9,318	205,176	9,429	8,377	14,642
R-squared	0.722	0.769	0.768	0.887	0.728	0.484
企业层面控制变量	YES	YES	YES	YES	YES	YES
年份固定效应	YES	YES	YES	YES	YES	YES
个体固定效应	YES	YES	YES	YES	YES	YES
Robust t-statistics in parentheses						
*** p<0.01, ** p<0.05, * p<0.1						
