Table 2.
Definition of all variables.
| Variables | Variable definition |
|---|---|
| Willingness of OFDI (OFDI_1) | 1 for enterprise OFDI made in the current year, 0 otherwise |
| Level of OFDI (OFDI_2) | Total volume of OFDI by enterprises |
| The number of overseas subsidiaries of enterprises | |
| The number of overseas countries and regions entered by the enterprises | |
| Digitalization (DIG) | Statistics of related keywords in annual reports of listed enterprises |
| Total factor productivity (TFP) | LP method |
| Financing constraints (FC) | SA Indicator |
| Percentage of fixed assets (PPE) | Fixed assets in year t/total assets in year t |
| The scale of liabilities (LEV) | Total liabilities at the end of year t/total assets in year t |
| Capital intensity (K) | Net fixed assets/total number of employees |
| Profitability (ROA) | Total operating income at the end of year t/total assets in year t |
| Export (EXPORT) | Current year exports take 1, otherwise take 0 |
| Growth of the enterprise (GROW) | [Total operating income in year t–(t–1) total operating income in year t]/(t–1) total operating income in year t |
| Tobin’s Q value (Q) | Market value/total assets at end of period |
| Net working capital (NWC) | [Net working capital in year t–(t–1) net working capital in year t]/total assets in year t |