| Symbol | Meaning | Calculation |
| R&D | R&D investments | R&D expenditures/total assets |
| Sub | Government subsidy | Government subsidies/total assets |
| IF | Internal financing | Net operating cash flow/total assets |
| Debt | Debt financing | (Long term loans+ short term loans + payable bonds)/total assets |
| Equity | Equity financing | (issued capital + capital reserve)/total assets |
| Size | Enterprise size | Ln(total assets at the beginning) |
| Age | Enterprise age | Years between financial reporting year and established year |
| Con | Equity concentration | Shareholding ratio of the largest shareholder |
| Roe | Profitability | Net income/average total assets |
| Lev | Leverage ratio | Total liabilities/total assets |
| Year | Year dummy | 5 annual dummy variables |
| Ind | Industry dummy | 14 industry dummy variables in the specific classification |