Variable		Code	Variable definition (explanation)
Dependent Variable
Enterprise strategic difference		DS	The deviation degree between enterprise strategy and industry concentration or mainstream trend. It is continuous variable, and the greater the value is, the greater the difference is.
Independent Variable
Whether venture capital involvement in business		VC	Whether there is a venture capital investment when the enterprise IPO, is to take 1, not to take 0
Background of venture capital		VCnature	Venture capitalization for foreign background assignment 0, for the state-owned background assignment 1, private background assignment for 2
Venture capital alliance investment		Unite	When two or more venture capitalists invest the same enterprise on the same day, take 1, otherwise 0
Venture capital investment stage		Investage	(Venture capital into the year - the year the company was founded)/(the year of the IPO − the year the business was founded), the larger the later into the business
Whether venture capital invested in stages		Ifstage	Whether venture capital investment is phased, is to take 1, no 0
Controlled Variable
Enterprise characteristic	Whether high-tech industry	Hightech	According to the method of China Securities 2012 industry classification and the classification of high-tech industries by Luo Ting et al. (2009), Li Li (2015) and Dong Jing (2017), codes C26, C27, C39, C40 and I65 are high Technology industry.
	Equity balance	Bshare	The sum of the largest shareholder of the company holding shares/second to ten major shareholders
	Board structure	boards	Proportion of independent directors in the board of directors
	Enterprise size	Size	The book value of assets at the end of the year is taken as logarithm
	Profitability	ROA	Net interest rate of total assets = net profit/total assets
	debt paying ability	Lev	Asset liability ratio = Total Liabilities/total assets
	development capacity	Growth	Current year main business income/last year main business income −1
	Year	Year	Dummy variables for 2009-2016
	Industry	Industry	The manufacturing industry is subdivided into one digit after the China Securities Regulatory Commission’s industry-coded letters. Other industries are no longer subdivided. A total of 27 industry dummy variables were formed.