Influence Mechanism of Marketization Process and Financial Technology Development on Enterprise Investment Preference Based on Threshold Model

Table 1

Definition of main variables.

Variable classification	Variable name	Variable symbols	Variable definition
Explained variables	R&D innovation investment	RD	Total R&D expenditure/operating revenue
	Fixed asset investment	PE	Net fixed assets/operating income
	Foreign equity investment	EQ	Long-term equity investments/operating income
Explanatory variables	Marketization process	Market	Using the total marketization index of each province as disclosed in the China Marketization Index by Province report compiled by Fan Gang et al.
	Financial technology	Fintech	Digital Inclusive Finance Index/100
Threshold variables	Government compensation	Sub	(Government subsidies + 1) take the natural logarithm
Control variables	Enterprise size	Size	(Total assets + 1) as natural logarithm
	Gearing ratio	Lev	Total liabilities/total assets
	Financing size	Loan	Corporate borrowings/total assets
	Growth rate	Growth	Revenue from main business/total assets
	Current ratio	Quick	Current assets/current liabilities
	Management fee rate	Adm	Administrative expenses/operating income
	Current asset turnover ratio	Lart	Net operating income/average total current assets
	Shareholding concentration	Top5	The sum of the shareholdings of the top five shareholders
	Year	Year	Year dummy variable
	Industry	Ind	Industry dummy variable