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

杨波, 万筱雯, 胡梦媛

Location choice of Chinese resource enterprises’ cross-border mergers and acquisitions: A perspective from institutional quality of host countries

YANG Bo, WAN Xiaowen, HU Mengyuan

表6 企业所有制层面制度质量和海外并购区位选择的回归结果

Table 6 Regression result of institutional quality and cross-border mergers and acquisitions’ location choice by type of firm ownership

国有企业 非国有企业 (1) (2) (3) (4) (5) (6) (7) (8) 政治稳定性PV 7.313*** 6.121*** 3.199** 2.917* (3.682) (3.095) (2.095) (1.886) 法律制度RL -5.549** -7.875*** -1.311 -1.823 (-2.380) (-3.287) (-0.735) (-0.973) 政府效率GE 5.782*** 7.015*** 1.613 1.666 (2.8189) (3.2818) (1.025) (0.997) 东道国资源密集度NR 0.011*** 0.011*** 0.011*** 0.011*** 0.007*** 0.007*** 0.007*** 0.007*** (6.127) (6.283) (6.332) (6.549) (5.216) (5.287) (5.306) (5.306) 东道国技术水平TD 0.0001 -0.038 -0.017 -0.017 -0.003 -0.0163 -0.011 -0.007 (0.004) (-1.304) (-0.585) (-0.594) (-0.111) (-0.723) (-0.495) (-0.285) 中国市场规模CGDP 0.298*** -0.062 -0.040 0.084 0.185*** 0.042 0.045 0.135* (3.449) (-1.277) (-0.965) (0.843) (2.784) (1.128) (1.404) (1.725) 东道国市场规模HGDP 0.109*** 0.088*** 0.092*** 0.099*** 0.062*** 0.053*** 0.054*** 0.059*** (5.398) (4.382) (4.627) (4.931) (3.973) (3.484) (3.567) (3.789) 距离成本DIS -0.031 -0.096** -0.043 -0.082** -0.032 -0.052* -0.0389 -0.044 (-0.832) (-2.335) (-1.166) (-2.023) (-1.115) (-1.648) (-1.368) (-1.376) 两国经济 0.037** 0.078*** 0.009 0.035 0.042*** 0.054*** 0.036** 0.042** 发展相似性ELD (2.165) (3.672) (0.399) (1.549) (3.243) (3.323) (2.172) (2.321) 常数项 -5.711*** 1.145 -1.225*** -3.107* -3.156*** -0.512 -1.098*** -2.554** (-3.962) (1.348) (-2.639) (-1.914) (-2.848) (-0.788) (-3.083) (-2.012) 样本量 435 435 435 435 435 435 435 435 W 83.05 73.93 76.57 102.49 77.93 73.44 74.03 79.66