Tobin’s Q

Growth ability

(Book value of the debt + price per share × number of the outstanding shares + net capital per share × number of nontradable shares)/total assets

ROA

Return on assets

Revenue before interest and after tax/total assets − the industry average

Cashflow

Net cash flow

Net cash generated by operations/total assets

Inst

Shareholding of institutional investors

Number of shares held by institutional investors/total number of shares

IPO

Initial public offering

The year of IPO equals 1: if not, it equals 0

State

Proportion of state-owned property rights

Number of state-owned shares/total number of shares