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| Name of the variable | Explanation |
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| Whether within the pilot period | A value of 0 assigned to the enterprises included as the pilot enterprises from 2008 to 2013; a value of 1 assigned to those included as the pilot enterprises from 2014 to 2018 |
| Whether being a pilot region or city | A value of 1 assigned to Shenzhen, Beijing, Shanghai, Guangdong, and Tianjin; otherwise, a value of 0 assigned |
| Whether being an enterprise included in the annual list | A value of 1 assigned to the enterprises included in the annual lists of the pilot regions and cities every year from 2014 to 2018; otherwise, the value of 0 assigned |
| Nature of the enterprise | A value of 1 assigned to the state-owned enterprises; otherwise, the value of 0 assigned |
| Listing age | Difference between the sample year and the listing age |
| Net profit-to-net worth ratio | Ratio of net profit to balance of total assets |
| Ratio of expenses to sales | Ratio of the selling expense to the revenue |
| Enterprises’ scale | Logarithm of the total assets |
| Asset-to-liability ratio | Ratio of total liabilities to total assets |
| Investment level of the enterprise | (Cash paid to acquire fixed assets, intangible assets, and other long-term assets and cash recovered from disposing of fixed assets, intangible assets, and other long-term assets)/total assets at the end of the reporting period |
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