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) |