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5 行业层面制度质量和海外并购区位选择的回归结果
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Table 5 Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by group of industry
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| 金属和矿产行业 | 油气行业 | 电力及其他行业 | | (1) | (2) | (3) | | 政治稳定性PV | 3.836** | 3.871*** | 1.976* | | (2.003) | (2.794) | (1.685) | | 法律制度RL | -5.544** | -4.398*** | 0.167 | | (-2.390) | (-2.621) | (0.117) | | 政府效率GE | 4.841** | 2.268 | 2.349* | | (2.339) | (1.515) | (1.853) | | 东道国资源密集度NR | 0.012*** | 0.0032*** | 0.002* | | (7.217) | (2.697) | (1.659) | | 东道国技术水平TD | -0.020 | -0.005 | -0.002 | | (-0.713) | (-0.242) | (-0.086) | | 中国市场规模CGDP | 0.030 | 0.076 | 0.123** | | (0.313) | (1.086) | (2.069) | | 东道国市场规模HGDP | 0.061*** | 0.058*** | 0.0301** | | (3.170) | (4.122) | (2.533) | | 距离成本DIS | -0.008 | -0.063** | -0.044* | | (-0.211) | (-2.214) | (-1.823) | | 两国经济发展相似性ELD | 0.054** | 0.005 | 0.012 | | (2.446) | (0.331) | (0.900) | | 常数项 | -0.938 | -0.562 | -0.985** | | (-1.246) | (-1.031) | (-2.134) | | 样本量 | 435 | 435 | 435 | | W | 92.71 | 38.45 | 56.39 |
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