Variable Type | Variable Name | Variable Symbol | Variable Measure Method |
Explained Variable | Welfare-tendency of Equity incentive plan | Scores | The number of stock option evaluation indicator |
Explanatory variable | The severity of large shareholders’ tunneling | Orect | Other receivables/company total asset |
Corporation governance variable | The proportion of the independent board member | Ind | The number of independent board member/the total member of the board |
Duality of chairman and CEO | Dual | If chairman and CEO is the same person, recorded as 1, otherwise to 0. | |
The total number of the first largest shareholder equity ratio | Top1 | The first largest shareholder’s stock holding amount/company total capital stock | |
The proportion of managerial ownership | Manho | The managers’ stock holding amout/company total capital stock | |
Degree of ownership constraints | Countb | the proportion of the first major stockholder and the second major stockholder | |
The number of the board | Board | The number of the board | |
The number of the supervisory board | Supv | The number of the supervisory board | |
Financial characteristic variable | The sales income growth rate | Incom | (sales income of this year- sales income of last year)/sales income of last year |
Operational cash flow | Acf | Total operational cash flow/company total capital stock | |
State-owned share-holding rate | State | State-owned share-holding/company total capital stock | |
Company size | Size | natural logarithm of total assets | |
leverage ratio | Lev | total debt/total assets | |
Total return on assets | Roa | Total profits/total assets |