Variable

Name

Description

Y

Annual rate of return

Multiples of average annual returns of venture capital institutions, which is represented as total rate of return/(investment cycle ÷ 12)

X1

Average Price-earnings ratio

Average price-earnings ratio in the IPO year of venture enterprises

X2

Stock cycle

ChiNext composite index of venture enterprises on the IPO day

X3

Operation period

Time span between established time of venture capital institutions and project investment (unit: month)

X4

Amount of management capital

Initial registered capital of venture capital institutions is used as the proxy variable (unit: RMB 10,000)

X5

Investment cycle

Time span between project investment and time to market (unit: month)

X6

Investment scale

Initial investment in the project (unit: RMB 10,000)

X7

Investment industry

Dummy variable: “1” indicates that the investment project is targeted at high-tech industries; “0” indicates that the investment project is targeted at traditional industries.

X8

Location of venture capital institutions

Dummy variable: “1” indicates that the venture capital institution is registered in economically developed areas such as Shenzhen and Shanghai; “0” indicates that the venture capital institution is registered in other regions

X9

Issuance price

Transaction price of IPOs of venture enterprises (unit: RMB)