	(1)	(2)	(3)	(4)	(5)	(6)
	jybfx1	jybfx2	jybfx3	jybfx4	jybfx5	jybfx6
VARIABLES	工资水平	总工资增长率	tfp_lp	tfp_lp	tfp_op	tfp_op
						
treatment	-0.0010252	-0.2593098	0.2135879***	0.1761200***	0.2114175***	0.1743863***
	(-0.581)	(-1.516)	(5.146)	(4.321)	(5.125)	(4.297)
size	-0.1852092***	-1.8407662		0.2566538***		0.2181059***
	(-146.736)	(-1.597)		(33.160)		(28.280)
debt_asset	0.0487911***	-0.4662996		0.0622198***		0.0586079***
	(29.215)	(-0.809)		(4.848)		(4.565)
age	0.0042919**	0.1708445		-0.0086928		-0.0104506
	(2.537)	(1.446)		(-0.456)		(-0.550)
prof	-0.0046759***	0.0374981		0.4923338***		0.4795437***
	(-5.687)	(0.699)		(41.011)		(40.192)
zzs	0.0002950***	0.0045653**		-0.0025424***		-0.0026427***
	(10.941)	(1.999)		(-6.380)		(-6.650)
GDP	0.0110424***	0.9646885		-0.2089135***		-0.2086077***
	(3.545)	(1.216)		(-5.268)		(-5.268)
finance	0.0171336***	0.4668493		0.3296005***		0.3287859***
	(7.505)	(0.999)		(9.855)		(9.877)
fin_deepening	0.0000225	-0.3238157		-0.2157988***		-0.2184534***
	(0.025)	(-1.126)		(-15.290)		(-15.512)
ln_bank	-0.0166609***	-0.0575847		-0.3475948***		-0.3530386***
	(-5.938)	(-0.445)		(-8.784)		(-8.933)
ln_finance_worker	-0.0038289**	0.7473109		0.1918338***		0.1906765***
	(-2.468)	(0.964)		(9.168)		(9.123)
Constant	1.3517486***	229.7352855***	4.3490699***	0.7705977	3.7328997***	0.5659848
	(24.544)	(15.147)	(270.707)	(1.067)	(233.778)	(0.786)
						
Observations	1,326,715	767,789	369,138	369,138	369,138	369,138
R-squared	0.690	0.264	0.589	0.599	0.580	0.589
企业层面控制变量	YES	YES	NO	YES	NO	YES
城市层面控制变量	YES	YES	NO	YES	NO	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						
