Variable symbol | Variable interpretation |
RD | LN (R&D investment/total assets +1) |
Pledge_ratio (Pr) | Equity pledge ratio, the ratio of the number of shares pledged by controlling shareholders to the number of shares held |
Pledge_dum (Pd) | Dummy variable, the stock pledge of the controlling shareholder in the current year is 1, otherwise 0 |
Size | Company size, logarithm of total assets |
Lev | Financial leverage, total liabilities divided by total assets |
Cfo | Cash flow capacity, free cash flow to total assets |
Growth | Revenue growth rate |
Independ | Independence, the ratio of the number of independent directors to the board of directors |
SOE | Dummy variable, state-owned enterprise is 1, otherwise is 0 |