Variable property | Variable name | Variable code | Variable description |
Control Variable | return on total assets | ROA | Net profit/Average total assets |
Company size | Size | Natural logarithm of total assets at the end of the period | |
Financial leverage | LEV | Total liabilities/total assets at the end of the period | |
Board size | BDS | Total number of board members | |
Whether the two positions are integrated | Cbd | If the general manager and the chairman of the board of directors are combined, the value will be 1, otherwise it will be 0 | |
Top management shareholding ratio | Con | Top management shareholding ratio | |
Degree of separation of two weights | Separation | According to the calculation of CSMAR database | |
Audit quality | TOP4 | If audited by four major accounting firms, the value is 1; otherwise, the value is 0 | |
Information disclosure quality | A_ OPION | If the audit opinion is standard without reservation, the value is 1; otherwise, the value is 0 | |
Proportion of independent directors | IDRATIO | Proportion of independent directors | |
Enterprise risk | Risk | Comprehensive Lever coefficient | |
Enterprise growth | PB | Price-to-book ratio at the end of the year | |
Growth rate of sales revenue | SGROW | (current sales revenue-previous sales revenue)/ previous sales revenue | |
The proportion of shares held by the largest shareholder | First | The proportion of shares held by the largest shareholder |