中国资源类企业海外并购区位选择研究——基于东道国制度质量视角
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杨波, 万筱雯, 胡梦媛
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Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries
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YANG Bo, WAN Xiaowen, HU Mengyuan
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表3 制度质量和海外并购区位选择的总体回归结果
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Table 3 Overall regression result of institutional quality and cross-border mergers and acquisitions location choice
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| (1) | (2) | (3) | (4) | | 政治稳定性PV | 8.038*** | | | 6.941*** | | (3.52) | | | (3.040) | | 法律制度RL | | -6.548** | | -8.5886*** | | | (-2.448) | | (-3.106) | | 政府效率GE | | | 4.974** | 6.2773** | | | | (2.104) | (2.544) | | 东道国资源密集度NR | 0.013*** | 0.013*** | 0.013*** | 0.014*** | | (6.460) | (6.622) | (6.607) | (6.809) | | 东道国技术水平TD | -0.000 4 | -0.044 | -0.021 | -0.020 | | (-0.012) | (-1.3023) | (-0.621) | (-0.603) | | 中国市场规模CGDP | 0.392*** | -0.010 | 0.033 | 0.179 | | (3.950) | (-0.175) | (0.675) | (1.553) | | 东道国市场规模HGDP | 0.136*** | 0.112*** | 0.117*** | 0.125*** | | (5.847) | (4.874) | (5.116) | (5.413) | | 距离成本DIS | -0.059 | -0.133*** | -0.075* | -0.116** | | (-1.373) | (-2.834) | (-1.747) | (-2.482) | | 两国经济发展相似性ELD | 0.049** | 0.097*** | 0.028 | 0.057** | | (2.534) | (3.990) | (1.112) | (2.150) | | 常数项 | -2.148*** | 1.608*** | -0.559 | -1.364 | | (-2.950) | (3.089) | (-1.208) | (-1.519) | | 样本量 | 435 | 435 | 435 | 435 | | W | 105.34 | 97.6 | 95.71 | 120.63 |
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