变量 | (1) | (2) | (3) |
F2_GI | F_ROA | F2_GI | |
Overpay | 0.092*** (9.03) | 0.006*** (8.20) | 0.085*** (8.43) |
F_ROA |
|
| 1.093*** (12.77) |
Cash | 0.706*** (9.28) | 0.239*** (35.91) | 0.444*** (5.79) |
Ind | 0.236** (2.14) | −0.025*** (−3.34) | 0.263** (2.39) |
Growth | −0.001 (−0.13) | 0.015*** (12.53) | −0.017* (−1.70) |
IA | −0.569*** (−5.24) | −0.041*** (−4.66) | −0.525*** (−4.84) |
Msh | −0.074** (−2.41) | 0.012*** (4.98) | −0.086*** (−2.82) |
Top1 | 0.152*** (3.56) | 0.035*** (12.73) | 0.114*** (2.66) |
Lev | 0.434*** (14.39) | −0.068*** (−28.19) | 0.508*** (16.13) |
Constant | −0.401*** (−7.73) | 0.030*** (5.68) | −0.434*** (−8.37) |
观测值 | 17,902 | 17,902 | 17,902 |
AdjR2 | 0.108 | 0.204 | 0.114 |
行业 | 控制 | 控制 | 控制 |
年份 | 控制 | 控制 | 控制 |
Sobel Z | 6.511*** | ||
置信区间 | [0.0049145, 0.0085932] | ||
中介效应占比 | 7.2% |