parameter

Calculating method

Constructing the fixed assets, intangible assets and other long-term assets in paying the cash/total assets at the beginning of the year

PB at the beginning of the year

(cash + short-term investment) in this year/total assets at the beginning of the year

Asset - liability ratio at the beginning of the year

LOG (total assets at the beginning of the year)

The age of the enterprise at the beginning of the year

ROE in last year