Empirical Analysis of Customer Risk and Corporate Financing Constraints Based on Supply Chain Networks

Table 4

Summary table of variable definition 1.

Variable name	Symbols	Calculation method
Total assets level	Invest	Total cashes/assets paid for construction of fixed assets, intangible assets, and other long-term assets
Customer risk	Risk	Volatility of return on assets
Operating cash flows	CashFlow	Operating activities net cash flow/total assets
Growth	Growth	(Operating income at the end of the period–operating income at the beginning of the period)/operating income at the end of the period
Age of establishment	Age	The natural logarithm of the age of establishment + 1
Return on assets	ROA	Net income/total assets
Shareholding ratio of the largest shareholder	Hold	Number of shares held by the largest shareholder/total number of shares
Changes in short-term current liabilities	Std	(Short-term current liabilities in year t−short-term current liabilities in year t-1)/total assets in year t
Management shareholding	Msh	Number of shares held by management/total shares
Customer’s age	KHAge	The natural logarithm of the customer’s establishment year + 1
Return on customer assets	KHROA	Customers net income/total assets
Monetary policy	MP	M2 growth rate–GDP growth rate–CPI growth rate
Industrial competitiveness	HHI	Herfindahl–Hirschman index
Industry dummy	Industry	Sector
Year virtual variable	year	Year