Exploring Coinvestment Partner Selection Strategies Using Exponential Random Graph Models

Table 5

Exponential random graph models of state-owned PE coinvestments.

Variable	Model 1	Model 2	Model 3	Model 4	Model 5
Cooperation between state-owned PEs	0.12	0.14	0.14	0.13	0.13
	(0.06)	(0.06)	(0.07)	(0.08)	(0.08)
Cooperation between state-owned PE and domestic private-owned PE	0.34	0.32	0.31	0.31	0.31
	(0.10)	(0.06)	(0.07)	(0.07)	(0.10)
Cooperation between state-owned PE and foreign PE	0.82	0.89	0.95	0.87	0.89
	(0.07)	(0.09)	(0.12)	(0.15)	(0.20)
Marketization index		0.06	0.05	0.05	0.06
		(0.01)	(0.01)	(0.01)	(0.01)
Tendency to invest high tech enterprises		−0.58	−0.56	−0.53	−0.54
		(0.29)	(0.39)	(0.40)	(0.38)
Cooperation between SPEs marketization index			−0.03		−0.03
			(0.01)		(0.01)
Cooperation between SPE and DPE marketization index			0.04		0.03
			(0.02)		(0.02)
Cooperation between SPE and FPE marketization index			0.07		0.08
			(0.02)		(0.02)
Cooperation between SPEs tendency to invest in high-tech enterprises				−0.05	−0.06
				(0.03)	(0.04)
Cooperation between SPE and DPE tendency to invest in high-tech enterprises				0.08	0.09
				(0.06)	(0.07)
Cooperation between SPE and FPE tendency to invest in high-tech enterprises				0.12	0.11
				(0.03)	(0.02)
Control variables	Yes	Yes	Yes	Yes	Yes
AIC	13018	12828	11432	10832	10721
BIC	12935	12759	10973	10732	10275

Note. , , and . SPE is short for the state-owned PE; DPE is short for the domestic private-owned PE; FPE is short for the foreign PE.