category

variable name

symbol

measurement method

Company operations

enterprise size

Size

Total assets log

business age

Age

Ln (1 + years of listed companies)

corporate profitability

Nps

Net profit/operating income

business growth

Growth

(Total operating income of the current period − total operating income of the previous period)/total operating income of the previous period

enterprise risk level

Lev

Total liabilities at the end of the year/total assets at the end of the year

Corporate Governance

ownership concentration

Owner

Sum of shareholding ratio of top ten shareholders

equity balance

Bal

Whether the top ten shareholders are related (existence = 1; others = 0)

Two-weight separation ratio

Separ

The difference between the control right and ownership of the listed company owned by the actual controller

Work of Independent Directors

Indep

Statistics on the consistency of working places of independent directors and listed companies (consistency = 1; others = 0)

Integration of two positions

Interg

Concurrent positions of chairman and general manager (yes = 1; others = 0)