Spatial Econometric Analysis of China’s Sports Capital Market

Table 2

Variables, symbols, and calculation formulas.

Variable type	Measurement index	Symbolic identification	Calculation formula
Explained variable	Return on net assets (%)	Y	Net profit/net assets
	Return on total assets (%)	Y1	Net profit/total assets
Core explanatory variable	Bank credit financing (millions of yuan)	X1	Medium- and long-term loan
	Bond financing (millions of yuan)	X2	Bonds payable
	Equity financing (millions of yuan)	X3	Equity + capital reserve
Control variable	Retained earnings financing (millions of yuan)	Z1	Surplus reserve + undistributed profit
	Commercial credit financing (millions of yuan)	Z2	Accounts payable + notes payable + payments received in advance
	Asset-liability ratio (%)	Z3	Total liabilities/total assets
	Short-term bank loan (millions of yuan)	Z4	Bank short-term loan