meaning | name | sign | definition |

innovation output | the number of applications of invention patents | lnpatent | ln(the number of applications of invention patents + 1) |

innovation investment | R&D investment intensity | resass | R&D investment/total asset |

government subsidy | government subsidy intensity | suba | government subsidy/total asset |

scale of enterprise | total asset | lnasset | ln(total asset) |

financing constraint | enterprise cash flow | cf | enterprise cash flow/total asset |

| asset-liability ratio | lev | total debt/total asset |

| total return on assets | roa | net profit/total asset |

shareholding structure | the first largest shareholderâ€™s shareholding ratio | cr1 | the shareholding ratio of the largest shareholder |

| equity equilibrium | eqb | the sum of the shareholding ratio of the second to fifth shareholders/the shareholding ratio of the largest shareholder |

age | the establishment age | lnage | ln(current-date of establishment + 1) |

capital intensity | the fixed asset ratio | ga | fixed asset/total asset |

governance structure | the corporate board structure | lndsrs | ln(the scale of board) |

| the proportion of independent directors | ddzb | the number of independent directors/the scale of board |

growth | Tobin q value | Tobin q | share price/replacement cost |

marketing investment | the ratio of expenses to sales | sale | sales expense/main business income |