Variable type

Variable name (symbol)

Variable definitions

independent variable

Tax incentives 1 (Treat)

high-tech enterprises: Treat = 1, non-high-tech enterprises: Treat = 0

Tax incentives 2 (DTreat)

The number of holding companies that obtain the certification of high-tech enterprises with the same listed company

dependent variable

Corporate finance (BC)

(short-term loan + long-term loan)/total assets

Enterprise R&D costs (RD)

Enterprise R&D costs (RD)

Enterprise R&D personnel (RDP)

Enterprise R&D personnel (RDP)

Innovation output (Patent)

The total number of patent applications filed by the company for the applicant


Business scale (Size)

Log(Total assets of the enterprise)

Business age (Age)

2015―year of establishment

Equity concentration (Focus)

Log(The sum of the shareholding ratio of the top three shareholders)

Gearing ratio (Dar)

Total liabilities/Total assets

Quick-moving assets(Cash)

Log(Monetary fund + receivables + trading financial assets)

Long-term return on capital (Rol)

(net profit + income tax expense + financial expenses)/Long-term capital

Industry (Industry)

Manufacturing: manu = 1, or manu = 0, Information technology industry: tech = 1, or tech = 0, Based on other industries.

Zone (Zone)

Registered in the east: east = 1, or east = 0, Central: mid = 1, or mid = 0, Based on other industries Western.