| 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) |