Table 1. Descriptive statistics, 2012–2019.

Variables	Label	OBS	Mean	S.D.	Min	Max
LnRD	Firm’s R&D investment	2960	17.8931	1.2068	12.3559	22.2235
LnGS	Government innovation subsidies	2960	15.9998	1.2578	9.2103	20.7593
S	Growth rate of operating income	2960	0.2516	1.9469	-0.8007	84.992
ROE	Return on equity	2960	0.0507	0.0631	-0.6476	0.5981
Size	The enterprise scale	2960	21.8631	0.8776	19.1987	25.5225
OC	Degree of ownership concentration	2960	0.3288	0.1436	0.0415	0.8649
Q	Tobin’s Q value	2960	2.2331	1.5002	0.4673	31.4002

Sources: RESSET database and China Stock Market (CSMAR) database, 2012–2019.