Exploring Coinvestment Partner Selection Strategies Using Exponential Random Graph Models

Table 6

QAP results of state-owned PE coinvestments.

Variable	Model 6	Model 7	Model 8	Model 9
Independent variable
Cooperation between SPEs	0.24	0.21	0.22	0.26
	(0.12)	(0.11)	(0.12)	(0.15)
Cooperation between SPE and DPE	0.67	0.63	0.65	0.62
	(0.14)	(0.09)	(0.11)	(0.11)
Cooperation between SPE and FPE	1.07	1.21	1.19	1.16
	(0.37)	(0.43)	(0.40)	(0.38)
Node attribute
Marketization index	0.15	0.14	0.14	0.15
	(0.05)	(0.05)	(0.05)	(0.05)
Tendency to invest in high-tech enterprises	−0.46	−0.51	−0.42	−0.43
	(0.27)	(0.30)	(0.30)	(0.36)
Moderating effects
Cooperation between SPEs marketization index		−0.03		−0.03
		(0.01)		(0.01)
Cooperation between SPE and DPE marketization index		0.08		0.06
		(0.03)		(0.02)
Cooperation between SPE and FPE marketization index		0.14		0.13
		(0.03)		(0.03)
Cooperation between SPEs high-tech enterprises			0.07	0.04
			(0.07)	(0.06)
Cooperation between SPE and DPE high-tech enterprises			0.12	0.14
			(0.06)	(0.09)
Cooperation between SPE and FPE high-tech enterprises			0.31	0.30
			(0.12)	(0.13)
Control variables	Yes	Yes	Yes	Yes
Intercept term	1.79	1.92	1.89	1.61
Adjusted R2	0.32	0.32	0.34	0.36

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