Variable types | Variable symbol | The variable name | Variable definitions |

Explained variable | RD | Enterprise innovation | R&D investment/total assets |

Explanatory variables | OCF_sd | Cash flow uncertainty | Standard deviation of net cash flow from operating activities in year t-2 to year t |

Adjust the variable | GS | Government subsidies | As a dummy variable, if the previous government subsidy of an enterprise is not 0, then GS is 1. If the enterprise has no government subsidy in the previous period, GS is 0 |

ES | Executives at stake | Number of shares held by senior executives/total number of shares | |

Control variables | The SIZE | The enterprise scale | The natural logarithm of the total number of employees in an enterprise |

LEV | Asset-liability ratio | Total liabilities at year end/total assets at year end | |

ROA | Return on total assets | Net profit/total assets | |

TURN | Total asset turnover | Operating income/total assets | |

TBQ | Tobin Q value | Market value/total assets | |

CI | Capital intensity | Net fixed assets/total assets | |

AF | Analyst focus | The natural log of the number of analysts (teams) who have tracked the company | |

YEAR | Annual dummy | When the enterprise is in that year, the value is 1; Otherwise it’s 0 | |

IND | Industry dummy | 12 industry dummy variables, when the enterprise is in the industry, the value is 1; Otherwise it’s 0 |