| First-level | Second-level | Explanation |
|
| circulating stock proportion | The proportion of circulating stock in total stocks |
|
| shareholding ratio of institutional investors | The proportion of stock held by institutional investors in all stocks |
| Ownership Structure | remuneration of the management | The ratio of the top three executives’ compensation to the total salary of all employees |
|
| remuneration of the board of directors | The ratio of the top three remunerations of directors to the total remuneration of all employees |
|
| remuneration of the board of supervisors | The ratio of the top three remunerations of supervisors to the total remuneration of all employees |
|
| invention patent | The average number of absolute numbers of invention patents in 2014-2016 |
|
| invention patent persistence | two years or more in three years have invention patents recorded as continuous innovation, otherwise it is recorded as interval |
|
| invention patent proportion | Number of invention patents/total number of patents |
|
| non-invention patent proportion | Non-invention patent/total number of patents |
| Innovation persistence | enterprise scale | The natural logarithm of the total assets of the enterprise |
| enterprise age | From the year of establishment to the year of observation | |
|
| R&D investment | R&D investment cost/sales revenue |
|
| R&D intensity | Corporate R&D expenditure as a percentage of sales |
|
| ROA | Net profit/total assets |
|
| asset-liability ratio | Total liabilities/total assets |
|
| quick Ratio | Current assets/current liabilities |
|
| operating cash flow | Net cash flow from operating activities/total assets |