Table 4.

Descriptive statistics.

	Count	Mean	Std	Min	25%	50%	75%	Max
R&D expenses	8310	0.0135	0.0454	0	0	0	0.0086	1.1414
Lev	8310	0.4152	0.1994	0.0080	0.2556	0.4092	0.5668	0.9952
Top ten holders Rate	8310	56.8320	14.7931	3.5880	46.2425	57.0800	67.5600	101.1600
Growth	8310	0.5650	10.8048	− 2.7804	− 0.0185	0.1420	0.4336	865.9082
Past revenue	8310	21.5986	1.4400	17.6185	20.6096	21.4243	22.4161	28.1765
Cash flow ratio	8310	0.05189	0.0790	− 1.4811	0.0098	0.0490	0.0927	0.7060
Size	8310	22.2317	1.2790	19.0811	21.3334	22.0253	22.9195	28.5040
Manager number	8310	1.8457	0.3625	0	1.6094	1.7918	2.0794	3.1781
SOE	8310	0.3715	0.4832	0	0	0	1	1
Technical size	8310	5.0817	5.8048	0	1.9800	3.700	5.9500	137.4500
Financial support	8310	4.2602	0.1735	3.9800	4.1300	4.2500	4.4100	4.4900
Monetary policy	8310	12.1790	2.1343	8.2750	10.3267	12.3200	13.5425	14.8467
HhiD	8310	0.0939	0.1082	0.0147	0.0255	0.0625	0.1213	1
TobinQ	8310	2.2075	1.6017	0.6837	1.2997	1.7449	2.5491	31.4002
ROA	8310	0.0355	0.0666	− 1.2401	0.0130	0.0343	0.0638	0.3657
Firm age	8310	16.3154	5.4486	3	13	16	20	48
IndDirector ratio	8310	37.3790	5.4358	18.1800	33.3300	33.3300	42.8600	80
Education level	8310	3.2629	0.4178	0	3	3.3333	3.5556	4
Social network	8310	18.9966	4.9484	8	15	18	22	48
Duality	8310	0.7344	0.4417	0	0	1	1	1
IP protection	8310	0.0264	0.0463	0.0002	3	0.0083	0.0225	0.1750
Infrastructure Score	8310	0.2035	0.0562	0.1019	0.0032	0.1972	0.2412	0.4794
Digitaltransindex	8310	37.7564	11.8132	23.0205	0.1598	34.0385	46.5364	80.0403