Stock liquidity, financial constraints, and innovation in Chinese SMEs

Financial Innovation

Table 2 Descriptive Statistics

	N	Mean	S.D	Min	Max	Median
INNOV_EXP	4719	17.641	0.955	15.296	20.092	17.614
INNOV_PAT	4778	5.969	18.435	0.000	12.000	0.000
CPQS	4786	0.110	0.059	0.025	0.319	0.096
TSHARE	4786	64.090	21.662	25.000	100.000	63.367
SHRHFD5	4786	64.090	0.079	0.016	0.378	0.111
TO	4786	0.037	0.032	0.004	0.188	0.028
RET	4786	0.015	0.194	− 0.395	0.533	0.003
FREE	4786	46.945	14.417	19.294	83.512	45.660
VOL	4786	3.176	0.824	1.608	5.686	3.084
EARN	4786	0.034	0.085	− 0.417	0.188	0.044
INTAN	4786	0.112	0.117	0.001	0.521	0.064
LEV	4786	0.141	0.133	0.000	0.506	0.104
ROE	4786	0.060	0.114	− 0.598	0.314	0.067
Q	4732	3.325	2.098	1.080	12.607	2.692
BTM	4786	0.311	0.177	0.050	0.878	0.273
CAPITAL	4786	0.054	0.049	0.001	0.241	0.039
SALES	4780	21.393	37.848	− 53.350	186.560	16.005
lnAGE	4785	2.721	0.299	1.946	3.332	2.708
INSTITUTION	4761	26.954	20.090	0.061	75.257	22.962

This table presents the descriptive statistics for all the variables in the baseline linear models. The definition and sources for all variables are shown in Appendix A. To control for outliers, all variables are winsorized at the 1st and 99th percentiles. N is the number of firm-year observations and S.D. is the standard deviation