| 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 shareholder’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 |