Meanings of indicators
| Indicators | Meaning |
|---|---|
| Profit from main operations (y) | An enterprise’s annual profit from main operations, serving as a comprehensive indicator reflecting the enterprise’s business performance and innovation performance |
| Tobin’s Q (q) | Q=(total market value + gross liability)/total assets; total market value=market value of circulating shares + preference shares |
| High-tech enterprises (h) | 1 represents high-tech enterprises; 0 represents non-high-tech enterprises |
| R&D investment (r) | An enterprise’s annual total investment in R&D |
| Human resources investment (l) | Share of employees with bachelor’s degree or higher in an enterprise on December 31st every year |
| Spillover (s) | Regional innovation radiation capacity coefficient×industry influence coefficient×R&D investment |
| Age of enterprise (a) | Number of years between the founding of the enterprise to the end of this year |
| Government support (g) | Government subsidy/total amount of R&D |
| Opportunity windows (i) | New product sales revenue/total sales revenue, reflecting the innovation opportunities in the industry |
| Learning by export (e) | New product export revenue/total sales revenue, reflecting the learning by export effects |
| Number of patents (p) | Patents the company obtains within the year |
| Indicators | Meaning |
|---|---|
| Profit from main operations ( | An enterprise’s annual profit from main operations, serving as a comprehensive indicator reflecting the enterprise’s business performance and innovation performance |
| Tobin’s | |
| High-tech enterprises ( | 1 represents high-tech enterprises; 0 represents non-high-tech enterprises |
| R&D investment ( | An enterprise’s annual total investment in R&D |
| Human resources investment ( | Share of employees with bachelor’s degree or higher in an enterprise on December 31st every year |
| Spillover ( | Regional innovation radiation capacity coefficient×industry influence coefficient×R&D investment |
| Age of enterprise ( | Number of years between the founding of the enterprise to the end of this year |
| Government support ( | Government subsidy/total amount of R&D |
| Opportunity windows ( | New product sales revenue/total sales revenue, reflecting the innovation opportunities in the industry |
| Learning by export ( | New product export revenue/total sales revenue, reflecting the learning by export effects |
| Number of patents ( | Patents the company obtains within the year |
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