| type | variable name | variable | Variable definitions |
| Explained variable | Enterprise innovation | Apply | Ln (1 + total number of patent applications) |
| Iapply | Ln (1 + number of invention patent applications) | ||
| Explanatory variables | Dummy variable of employee stock ownership plan | Esop | Enterprise implements employee stock ownership plan to take 1, otherwise take 0 |
| Control variable | Enterprise size | Size | Ln (1 + total assets) |
| Assets and liabilities | Leverge | Total liabilities/assets | |
| Cash level | Cash | Total monetary funds/assets | |
| Fixed assets per capita | Fixedpp | Fixed assets/total number of companies | |
| Per capita income | Salespp | Operating income/total number of company | |
| Listing age | Age | Ln (1 + years on the market) | |
| Board size | Board | Total number of board of directors | |
| Management shareholding ratio | Share | Number of shares held by management/total number of shares of the company | |
| Shareholding ratio of the top ten shareholders | Top 10 | Number of shares held by the top ten shareholders/total number of shares of the company | |
| government subsidy | Subsidy | Total government grants/assets received in the current year | |
| Proportion of intangible assets | Intangible | Intangible assets/total assets | |
| Industry dummy variables | Industry | Refer to the 2012 industry classification standards of the China Securities Regulatory Commission | |
| Annual dummy variable | Year | Year dummy variables from 2014 to 2018 |