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