“…The difference-in-differences (DID, hereafter) method is widely acknowledged as the best method to evaluate the causal effects of specific external shocks, such as policy implementation [ 63 , 64 , 65 , 66 ]. Compared to ordinary regression (e.g., ordinary least square method), the DID method could divide the whole sample into the treatment group and the control group, and clearly identify the difference between the treatment group and the control group before and after the policy [ 67 ]. Therefore, the basic regression model in our study is constructed as follows [ 68 , 69 , 70 ]: where refers to the financing constraints of firm i at time t. We use the Size-Age index (hereinafter referred to as SA Index) to measure based on the current previous literature [ 71 , 72 ], and the calculation formula of the SA index is (−0.737 × Size) + (0.043 × Size 2 ) − (0.040 × Age), where Size is the log of total assets and Age is the number of years the enterprise has been listed.…”