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%