Table 1.
Research variables.
| Variable type | Variable name | Description | Variable symbol |
|---|---|---|---|
| Dependent variable | R&D investment intensity | R&D investment/operation income | RDI |
| Independent variable | The consistent evaluation policy | Policy treated virtual variables × Time virtual variables | Treatit × Postit |
| Control variables (Xit) | Enterprise size | ln (Total assets) | Size |
| Capital structure | Debt/Total assets | Lev | |
| Cash ratio | Cash from operating activities/Total asset | Cash | |
| Return on equity | Net profit/Stockholders' equity balance | Roe | |
| Company's growth ability | Operating income growth rate | Growth | |
| Ownership concentration | Proportion of the largest shareholder | Shareh1 | |
| Company's market competitiveness | Industry Lerner index | Comp |