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%