| Name | Symbol | Explanation and measurement | Source |
| Innovation performance | Innov | Weighted average of invention patent, utility patent and design patent | |
| Knowledge network sharing degree | Degree | The degree centrality of knowledge sharing network | |
| Financing constraints | SA | The SA index of financing constraints | |
| Company size | Size | The natural logarithm of total assets | |
| Company profitability | ROA | The net interest rate of total assets of listed companies | |
| Corporate growth | Growth | The operating income growth rate of listed companies | |
| Solvency of the company | Lev | The asset liability ratio of listed companied | |
| Company equity concentration | Top1 | The shareholding ratio of the largest shareholder of listed companies | |
| Equity balance of the company | Top31 | (Shareholding ratio of the top three shareholders—Shareholding ratio of the largest shareholder)/Shareholding ratio of the largest shareholder | |
| Whether the chairman and general manager are integrated | DUAL | When the chairman and the general manager are held by one person at the same time, take 1; otherwise, take 0 | |
| Proportion of independent directors | PID | Number of independent directors/Number of directors | |
| Nature of property right | State | If the enterprise is a state-owned enterprise, take 1; otherwise, take 0 |