| 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 |
| Employees’ 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 |
| Chairman-CEO duality | om | If the duality of Chairman-CEO, the variable = 1; otherwise, the variable = 0 |