| 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 | |
| covariance | 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. |