| 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 |