Variable Type

Name

Code

Definition

Dependent variable

Equity ratio of non-state-owned

NS

1 − (State-owned shares + State-owned legal person shares)/total shares

Independent Variable

Social benefit

lnT

Natural logarithm of tax

Control Variable

Business scale

lnS

Natural logarithm of total assets

Financial leverage

DA

Asset-liability ratio

Profitability

RA

ROE

Shareholding ratio of the first shareholder

FR

Shareholding ratio of the first shareholder

Growth

G

Growth rate of operating income