Name

Symbols

Definition

Explained variable

intensity of R&D expenditure

rdintensity

R&D expenditure ÷ total assets

Explanatory variable

financial subsidy

subsidy

capital subsidy ÷ total assets

enterprise lifecyle

lifecycle

The enterprise lifecycle is divided by the combination of cash flow indicators.

Control variables

duration of the enterprise

age

Business registration date from the current time

enterprise size

size

log of total assets

output

roa

net profit ÷ total assets

per capita capital

lk

Retained earnings ÷ total staff

net profit

profit

log of absolute net profit

growth

growth

(current year revenue − last year revenue) ÷ last year revenue

profitability

EPS

earnings per share