Types of variables | Variable name | Variable symbol | Variable definition |
Master variable | Research and development strength | RDSpend | Research input/operating receipt |
Research input | R&D | Research input/total asset | |
Board size of parent company | Size | Number of board members of parent company | |
Proportion of independent directors on the board of the parent company | Indep | Number of independent directors of the parent company/total numbers of directors of the parent company | |
The chairman of the parent company is also a subsidiary executive | Common | Dummy variable, if there is a concurrent phenomenon, it is marked as 1, otherwise 0 | |
Financing restriction | SA | Calculate the SA exponent | |
Corporate liquidity ratio | Liquidity | Current assets/current liabilities | |
Time variable | scale | Asset | Ln(total asset) |
Return on total assets | Roa | Retained profits/total asset | |
Enterprise growth capacity | Growth | Year-on-year growth rate of operating revenue | |
Corporate leverage ratio | Lev | Total asset at end/gross liability | |
Enterprise age | Age | Business life |