Explained variable | |
Patent | the numbers of invention patent authoriztion |
R & D | Ln (the research and found investment/operation income + 1) |
Explanatory variable | |
treat | The dummy variable = treatment * post |
Control variables | |
ROA | Net income/Total asset at the end of the year |
Tobin Q | Total Market Value of Firm/Total Asset at the end of the year |
Lev | Finacial leverage = total debt/total asset at the end of the year |
Bm | Book to market ratio = equity/market cap |
Fs | First shareholding/Total equity |
Sale | Sales expenditure/Operation income at the end of year |
opgr | Operation income growth rate = (Operation income at this year − Operation income at last year)/Operation income at last year |
Gov | Government subsidy/Operation income at the end of year |
Ms | Management shareholding/Total equity |
lnsalary | Ln (salary of directors and executive management + 1) |
inder | The numbers of independent directors/Total directors |
age | Company registration age |
size | Ln (total asset at the end of the year + 1) |