Designation  Symbol  Definition 
Explained variable 


Corporate performance  Performance  Through factor analysis method by 12 indicators in Table 1 
Main operation profit  Ln_Profit  Logarithm of the main operation profit 
Core variable 


R&D investment  Ln_Investment  Logarithm of the R&D investment expenditure 
R&D investment intensity  investment_int  investment_int = R&D investment expenditure/ main operating income 
Employeesâ€™ number  Ln_Labor  Logarithm of the enterprise employee numbers 
Assets  ln_size/Ln_Asset  Logarithm of the enterprise total asset size 
Control variable 


Debt asset ratio  lev  Debt Asset ratio 
ChairmanCEO duality  om  If the duality of ChairmanCEO, the variable = 1; otherwise, the variable = 0 