Determinants of Investment Timing of Government Venture Capital Guiding Funds in China

Table 1

The definition of the variables.

Variable types	Factor types	English symbols	Interpretative statement
Explanatory variables	Investment timing	TIME	The initial period = 1, expansion period = 2, and maturity period = 3
Explanatory variables	The development of the areas where the invested enterprises are located	AREA	A dummy variable equal to one for first-tier city (and zero otherwise)
	The innovation ability of the invested enterprises	PATENT	The number of patents
	The market competitiveness of the invested enterprises	POWER	Operating profit/operating income
	The proportion of investment by government guiding funds	EQUITY	Share ratio of subfunds of government guiding funds in enterprises
Control variables	The age of the invested enterprises	AGE	The operating years of the invested enterprises
	The registered capital of the invested enterprises	CAPITAL	Natural logarithm of the number of registered capital
	The size of total assets in the invested enterprises	ASSET	Natural logarithm of total assets
	The capital structure of the invested enterprises	LIA	Liabilities/total assets
	The growth of the invested enterprises	REV	Growth rate of the operating income
Grouping variables	The type of industries which the invested enterprises belong to	INDU	A dummy variable equal to one for the tertiary and quaternary industries, and zero for the primary and secondary industries