Table 3.
Variable definition.
| Type of variable | Variable name | Definition |
|---|---|---|
| Technical | R&D expenses | R&D investment intensity (ratio of R&D investment to operating income) |
| Technical size | Proportion of technicians (technical ratio of technical personnel to total employees) | |
| Organizational | Manager number | Natural logarithm of the total number of managers |
| Education level | The education level of the senior executive team is measured, that is, the value of other degrees is 1, the college degree is 2, 3, and the graduate degree is 4. The sum of the weight of the senior executive team is divided by the total number of people to obtain the average number to represent the education level of the senior executive team | |
| Social network | Measure by the total number of senior executives working in other enterprises in the corresponding year | |
| Top ten holders Rate | Share ratio of the top ten shareholders | |
| Duality | Duality = 1, non-duality = 0 | |
| IndDirector ratio | The proportion of the number of independent directors to the total number of the board of directors | |
| ROA | Return on assets (income/total assets) | |
| Lev | Total liabilities/Total assets | |
| Growth | (Operating income for this year/Operating income last year)-1 | |
| TobinQ | (Market value of tradable shares + number of non-tradable shares net assets per share + book value of liabilities)/total assets | |
| Environmental | Financial support | The ratio of the local financial expenditure on science and technology to the public budget revenue |
| Infrastructure score | The entropy right method is used to construct the infrastructure application and development indicators supporting the development of digital economy into an infrastructure index, with provincial annual data | |
| Monetary policy | The annual M2 growth rate for that year | |
| IP protection | The ratio of the contract amount of the technology market of each province to the GDP of each province in the current year is divided into provincial annual data | |
| HhiD | The Herfindahl–Hirschman Index of the industry in which the enterprise operates | |
| Benchmark | Past revenue | Natural logarithm of company revenue at the end of the year |
| Cash flow ratio | Operating net cash flow/total assets | |
| Firm age | Company listing years | |
| Size | Log of the total assets | |
| SOE | Soes = 1, non-soes = 0 | |
| Y | Digitaltransindex | Digital transformation index in the CSMAR database |