| 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) |