Implications of Venture Capital on Companies’ M&A Goodwill Bubbles: Evidence from Chinese Listed Companies

Table 11

Regression results of reducing information asymmetry.

Variable	GWover	GWover
	State-owned enterprise	Non-state-owned enterprise
VC	−0.013	−0.030
	(−0.41)	(−3.43)
LnSize	0.234	0.282
	(8.95)	(29.74)
MB	−0.003	−0.018
	(−0.20)	(−2.17)
ROA	−0.319	−0.687
	(−0.90)	(−5.15)
LEV	−0.550	−0.458
	(−4.03)	(−10.12)
Big4	0.032	−0.065
	(0.45)	(−1.48)
Top1	0.001	−0.001
	(0.70)	(−3.37)
Growth	−0.004	0.035
	(−0.40)	(3.82)
Turnover	0.125	−0.064
	(3.11)	(−3.87)
Intercept	−5.590	−5.834
	(−9.08)	(−27.74)
Year	Controlled	Controlled
Ind	Controlled	Controlled
N	186	1976
ADJ R^2	0.73	0.63

Symbols , , and indicate significance at the 10%, 5%, and 1% levels, respectively; the value output in parentheses is the t value.