Type

Vriable

Definition

Explained variable

rdint

represents the innovation input intensity, equal to R&D input/operating income

Explanatory variable

longings

proportion of long-term fund shareholding in total outstanding shares

shortings

proportion of short-term fund shareholding in total outstanding shares

Control variable

lna

natural log of total assets

gassets

total asset growth rate

gsales

operating income growth rate

lev

asset-liability ratio

current

current ratio

roa

asset net interest rate

rt

accounts receivable turnover

it

inventory turnover

sum10

total shareholding ratio of the top 10 shareholders