Variable

Code

Definition

Market value

MV

The number of shares at the end of the period multiplied by the price of per share

Environmental investment

EI

Increased amount of Environmental Protection Projects in Construction Projects

Cost of equity

R

Calculated by PEG model and OJN model

Net income

NI

Current net profit reported by the enterprise

Book value of equity

BV

Book value of equity at the end of the current period

Dividends

DIV

Cash dividends declared by enterprises in the current period

Growth

GROWTH

(Current Operating Revenue − Last Operating Revenue)/Last Operating Revenue

Loss

LOSS

If the current net profit is less than 0, make LOSS = 1, otherwise = 0

Intangible assets

INTAN

The proportion of intangible assets to total assets at the end of the current period

Leverage

LEV

The ratio of end of period liabilities to total assets

Book-to-market

BP

The ratio of end of period net assets to end of period market value

Size

SIZE

Logarithm of total assets at the end of period

Return on Assets

ROA

Ratio of net profit to average total assets