Variable | Code | Variable definition (explanation) | |
Dependent Variable | |||
Enterprise strategic difference | DS | The deviation degree between enterprise strategy and industry concentration or mainstream trend. It is continuous variable, and the greater the value is, the greater the difference is. | |
Independent Variable | |||
Whether venture capital involvement in business | VC | Whether there is a venture capital investment when the enterprise IPO, is to take 1, not to take 0 | |
Background of venture capital | VCnature | Venture capitalization for foreign background assignment 0, for the state-owned background assignment 1, private background assignment for 2 | |
Venture capital alliance investment | Unite | When two or more venture capitalists invest the same enterprise on the same day, take 1, otherwise 0 | |
Venture capital investment stage | Investage | (Venture capital into the year - the year the company was founded)/(the year of the IPO − the year the business was founded), the larger the later into the business | |
Whether venture capital invested in stages | Ifstage | Whether venture capital investment is phased, is to take 1, no 0 | |
Controlled Variable | |||
Enterprise characteristic | Whether high-tech industry | Hightech | According to the method of China Securities 2012 industry classification and the classification of high-tech industries by Luo Ting et al. (2009), Li Li (2015) and Dong Jing (2017), codes C26, C27, C39, C40 and I65 are high Technology industry. |
Equity balance | Bshare | The sum of the largest shareholder of the company holding shares/second to ten major shareholders | |
Board structure | boards | Proportion of independent directors in the board of directors | |
Enterprise size | Size | The book value of assets at the end of the year is taken as logarithm | |
Profitability | ROA | Net interest rate of total assets = net profit/total assets | |
debt paying ability | Lev | Asset liability ratio = Total Liabilities/total assets | |
development capacity | Growth | Current year main business income/last year main business income −1 | |
Year | Year | Dummy variables for 2009-2016 | |
Industry | Industry | The manufacturing industry is subdivided into one digit after the China Securities Regulatory Commission’s industry-coded letters. Other industries are no longer subdivided. A total of 27 industry dummy variables were formed. |