| Variable | Definition |
| Revalue 1 | The Revalue 1 is equal to the market value of the Commercial Housing in 30 provinces/the net amount of fixed assets that lags the first period. |
| Revalue 2 | The Revalue 1 is equal to the market value of the Residential Commercial Housing in 30 provinces/the net amount of fixed assets that lags the first period |
| Revalue 3 | The Revalue 1 is equal to the market value of the Commercial Business Buildings in 30 provinces/the net amount of fixed assets in the first period. |
| Revalue 4 | The Revalue 1 is equal to the market value of the Commercial Business Housing in 30 provinces/the net amount of fixed assets that lags the first period |
| Revalue 5 | The Revalue 1 is equal to the market value of the Commercial Housing in 36 large and medium-sized cities/the net amount of fixed assets that lags the first period |
| Revalue 6 | The Revalue 1 is equal to the market value of the Residential Commercial Housing in 36 large and medium-sized cities/the net amount of fixed assets that lags the first period |
| Investment | The company’s investment is equal to the construction of fixed assets, intangible assets and other long-term assets paid cash + disposal of fixed assets, intangible assets and other long-term assets recovered net cash/the fixed assets that lags the first period |
| Debt | The level of debt is equal to the interest-bearing liabilities/the net amount of fixed assets that lags the first period |
| Cashflow | net cash flow from current operating activities/the net fixed assets that lags the first period |
| Size | the natural logarithm of total operating income |
| Age | the number of years the company was founded |
| Tobins’q | market value/total assets |
| Roa | net profit/total assets balance |
| Leverage | total liabilities divided by total assets |
| First | the shareholding ratio of the shareholders holding the most shares |
| GYG | the proportion of state-owned shares in total shares |