Table 8 Effects of mixed syndication and...

Table 8

Effects of mixed syndication and PVC investment on the investees' intangible assets, fixed assets, liabilities and number of employees

	Intangible assets						Fixed asset
	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t
Mixed syndication (t−1)	0.816	1.437	0.57	–	–	–	1.075	0.921	1.17	–	–	–
PVC (t−1)	–	–	–	0.782	1.379	0.57	–	–	–	0.190	0.633	0.30
ln_age (t−1)	−1.566	0.038	41.48***	−1.577	0.038	41.48***	−0.642	0.007	83.51***	−0.642	0.008	83.51***
ln_asset (t−1)	0.330	0.020	16.88***	0.333	0.020	16.88***	0.741	0.004	172.46***	0.741	0.004	172.48***
ln_real GDP growth rate (t−1)	−0.196	0.009	22.35***	−0.196	0.008	22.35***	−0.015	0.002	7.41***	−0.015	0.002	7.41***
ln_total domestic PE investment (t−2)	−0.016	0.003	5.40***	−0.016	0.003	5.41***	−0.016	0.001	26.54***	−0.016	0.006	26.54***
Constant	6.133	0.225	27.23***	6.132	0.225	27.23***	2.353	0.048	48.67***	2.352	0.048	48.66***
North dummy and industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	92,015			92,015			481,062			481,062
F- test (p-value)	0.00			0.00			0.00			0.00
Houseman test (p-value)	0.00			0.00			0.00			0.00

	Intangible assets						Fixed asset
	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t
Mixed syndication (t−1)	0.816	1.437	0.57	–	–	–	1.075	0.921	1.17	–	–	–
PVC (t−1)	–	–	–	0.782	1.379	0.57	–	–	–	0.190	0.633	0.30
ln_age (t−1)	−1.566	0.038	41.48***	−1.577	0.038	41.48***	−0.642	0.007	83.51***	−0.642	0.008	83.51***
ln_asset (t−1)	0.330	0.020	16.88***	0.333	0.020	16.88***	0.741	0.004	172.46***	0.741	0.004	172.48***
ln_real GDP growth rate (t−1)	−0.196	0.009	22.35***	−0.196	0.008	22.35***	−0.015	0.002	7.41***	−0.015	0.002	7.41***
ln_total domestic PE investment (t−2)	−0.016	0.003	5.40***	−0.016	0.003	5.41***	−0.016	0.001	26.54***	−0.016	0.006	26.54***
Constant	6.133	0.225	27.23***	6.132	0.225	27.23***	2.353	0.048	48.67***	2.352	0.048	48.66***
North dummy and industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	92,015			92,015			481,062			481,062
F- test (p-value)	0.00			0.00			0.00			0.00
Houseman test (p-value)	0.00			0.00			0.00			0.00

	Number of employees						Liabilities
	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t
Mixed syndication (t−1)	0.791	0.203	3.89***	–	–	–	0.112	0.814	0.14	–	–	–
PVC (t−1)	–	–	–	0.070	0.121	0.58	–	–	–	0.410	0.531	0.77
ln_age (t−1)	−0.017	0.001	12.83***	−0.017	0.001	12.82***	−0.317	0.006	49.16***	−0.317	0.006	49.16***
ln_asset (t−1)	0.090	0.007	130.23***	0.090	0.001	130.25***	0.549	0.003	164.77***	0.549	0.003	164.77***
ln_real GDP growth rate (t−1)	0.006	0.004	16.64***	0.006	0.000	16.64***	−0.011	0.002	6.86***	−0.011	0.002	6.86***
ln_total domestic PE investment (t−2)	−0.007	0.000	59.75***	−0.007	0.000	59.76***	−0.015	0.005	29.74***	−0.015	0.001	29.74***
Constant	−0.197	0.008	26.26***	−0.198	0.008	26.28***	3.888	0.037	105.03***	3.888	0.037	105.03***
Industries and North dummy	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	598,112			598,112			525,365			525,365
F- test (p-value)	0.00			0.00			0.00			0.00
Houseman test (p-value)	0.00			0.00			0.00			0.00

	Number of employees						Liabilities
	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t
Mixed syndication (t−1)	0.791	0.203	3.89***	–	–	–	0.112	0.814	0.14	–	–	–
PVC (t−1)	–	–	–	0.070	0.121	0.58	–	–	–	0.410	0.531	0.77
ln_age (t−1)	−0.017	0.001	12.83***	−0.017	0.001	12.82***	−0.317	0.006	49.16***	−0.317	0.006	49.16***
ln_asset (t−1)	0.090	0.007	130.23***	0.090	0.001	130.25***	0.549	0.003	164.77***	0.549	0.003	164.77***
ln_real GDP growth rate (t−1)	0.006	0.004	16.64***	0.006	0.000	16.64***	−0.011	0.002	6.86***	−0.011	0.002	6.86***
ln_total domestic PE investment (t−2)	−0.007	0.000	59.75***	−0.007	0.000	59.76***	−0.015	0.005	29.74***	−0.015	0.001	29.74***
Constant	−0.197	0.008	26.26***	−0.198	0.008	26.28***	3.888	0.037	105.03***	3.888	0.037	105.03***
Industries and North dummy	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	598,112			598,112			525,365			525,365
F- test (p-value)	0.00			0.00			0.00			0.00
Houseman test (p-value)	0.00			0.00			0.00			0.00

Note(s): 1: ***p < 0.01; **p < 0.05; *p < 0.1

2: Fixed effects models were selected using the F-test and Hausmann test

3: Independent variables lagged by one or two years in consideration of simultaneity

Sharing Unavailable