Types of variables	Name of variables	Variable symbol	Definition of variables
Explained variable	Enterprise performance	Tobin’Q	Market value at the end of t year/(total assets-net amount of intangible assets-net amount of business reputation)
Explained variable	Enterprise performance	ROE	Net profits at the end of t year/average net asset at the end of t year
Explanatory variables	The overall shareholding of institutional investor	INST	The ratio of share of shareholders in the whole institution in t − 1 year in the total shares at the end of t − 1 year
Explanatory variables	Property right	PROPERTY	1 is SOE, 0 is private enterprise
Control variables	Scale	SIZE	Natural logarithm of total asset at the end of t year
	Debt-to-assets ratio	LEV	Total liabilities/total asset at the end of t year
	Growth rate of total assets	GROWTH	[Total asset at the end of t year-total asset at the end of (t − 1) year/total asset at the end of t − 1 year]
	Management charge ratio	MER	The proportion of administration expense in operation revenue in t year
	Turnover rate of total asset	TUR	Operation revenue in t year/average total asset at the end of t year
	Ratio of holding stock of the largest shareholder	FIRET	Ratio of holding stock of the largest shareholder at the end of t year/total share in enterprise
	Sum of shareholding of the top 10 shareholder	TEN	Share of the top 10 shareholders at the end of t year/total share in enterprise