规范合法性缺失^*

行业相关性

0.033

(0.076)

认知合法性缺失^*

国有企业属性

0.012

(0.088)

认知合法性缺失^*

行业相关性

0.161^**

(0.079)

信息不对称^*

国有企业属性

0.147^*

(0.086)

信息不对称^*

行业相关性

0.144^*

(0.081)

控制变量

双边投资协定

−0.220

(0.156)

−0.372^**

(0.172)

−0.184

(0.156)

−0.348^**

(0.175)

−0.373^**

(0.174)

−0.362^**

(0.174)

−0.135

(0.158)

敏感行业

−0.258

(0.565)

−0.398

(0.631)

−0.309

(0.575)

−0.467

(0.601)

−0.527

(0.615)

−0.348

(0.614)

−0.320

(0.551)

ln交易金额

−0.184^***

(0.034)

−0.189^***

(0.035)

−0.177^***

(0.034)

−0.195^***

(0.035)

−0.192^***

(0.035)

−0.196^***

(0.035)

−0.185^***

(0.035)

交易股份

0.076

(0.238)

0.119

(0.238)

0.064

(0.237)

0.208

(0.241)

0.162

(0.241)

0.177

(0.240)

0.077

(0.238)

现金支付

1.578^***

(0.154)

1.633^***

(0.159)

1.597^***

(0.155)

1.626^***

(0.160)

1.627^***

(0.160)

1.615^***

(0.160)

1.575^***

(0.156)

目标方公开性

−1.200^***

(0.214)

−1.137^***

(0.218)

−1.203^***

(0.215)

−1.194^***

(0.220)

−1.138^***

(0.221)

−1.136^***

(0.219)

−1.173^***

(0.218)

并购方公开性

−0.152

(0.152)

−0.237

(0.154)

−0.172

(0.152)

−0.143

(0.160)

−0.152

(0.159)

−0.157

(0.159)

−0.086

(0.156)

目标方企业属性

0.759^**

(0.301)

0.689^**

(0.310)

0.721^**

(0.300)

0.522

(0.365)

0.645^*

(0.367)

0.518

(0.353)

0.653^*

(0.349)

专业顾问机构

0.932^***

(0.178)

0.978^***

(0.180)

0.958^***

(0.179)

1.004^***

(0.182)

1.022^***

(0.182)

0.993^***

(0.180)

0.994^***

(0.179)

常数项

2.969^***

(0.693)

3.665^***

(0.771)

4.936^***

(1.169)

3.131^***

(0.751)

3.213^***

(0.766)

3.267^***

(0.745)

2.985^***

(0.703)

控制行业

Yes

Yes

Yes

Yes

Yes

Yes

Yes

控制年份

Yes

Yes

Yes

Yes

Yes

Yes

Yes

样本量

1250

1250

1250

1250

1250

1250

1250

Pseudo R²

0.233

0.249

0.236

0.258

0.257

0.255

0.244

P值

0.000

0.000

0.000

0.000

0.000

0.000

0.000