| 1 | CEO薪酬比率 | CEO Pay Ratio | \[ \frac{\text{CEO薪酬}}{\text{员工中位数薪酬}} \]... | |
| 2 | 数字资产持有量 | Digital Assets | \[ \frac{\text{数字资产}}{\text{总资产}} \]... | |
| 3 | 家族持股比例 (%) | Family Ownership | \[ \frac{\text{家族持股}}{\text{总股本}} \]... | |
| 4 | 中小企业贷款比率 | SME Loans | \[ \frac{\text{中小企业贷款}}{\text{总贷款}} \]... | |
| 5 | 国有企业 (SOE) | SOE Dummy | \[ \text{如果是国有企业为1，否则为0} \]... | |
| 6 | 数字化转型披露 | Digital Transformation | \[ \text{年报中数字化关键词词频} \]... | |
| 7 | 流动性 (流动比率) | 流动比率 (CR) | \[ \text{\text{CR} = \frac{\text{流动资产}}{\text{流动负债}}} \]... | |
| 8 | 资本结构 / 杠杆 (DER) | 债务股本比 (DER) | \[ \text{\text{DER} = \frac{\text{总负债}}{\text{总股本}}} \]... | |
| 9 | 运营盈利能力 (NPM) | 净利润率 (NPM) | \[ \text{\text{NPM} = \frac{\text{净利润}}{\text{销售收入}} \times ... | |
| 10 | 及时性 (审计延迟) | 审计延迟 (天数) | \[ \text{\text{审计延迟} = \text{审计报告日期} - \text{财年结束日期}} \]... | |
| 11 | 库存周转率 | 库存周转率 | \[ \text{\text{库存周转率} = \frac{\text{销货成本 (COGS)}}{\text{平均库存... | |
| 12 | 资本支出 (CAPEX) | 资本支出 (购买固定资产总额) | \[ \text{\text{CAPEX} = \Delta \text{净固定资产} + \text{折旧费用}} \... | |
| 13 | 承销商声誉 (Underwriter) | 虚拟变量 (顶级 = 1，其他 = 0) | \[ \text{\text{REP} = \begin{cases} 1 & \text{前 10 名承销商} \\ ... | |
| 14 | 政治联系 | 虚拟变量 (有联系 = 1，无 = 0) | \[ \text{\text{POL} = \begin{cases} 1 & \text{董事会中的政治人物} \\ ... | |
| 15 | 资产回报率 (ROA) | ROA (百分比) | \[ \text{\text{ROA} = \frac{\text{净利润}}{\text{总资产}} \times 1... | |
| 16 | 公司规模 (Firm Size) | Ln(总资产) | \[ \text{\text{SIZE} = \ln(\text{总资产})} \]... | |
| 17 | 销售增长 (Sales Growth) | 销售增长率 (%) | \[ \text{\text{Growth} = \frac{\text{销售额}_t - \text{销售额}_{t-... | |
| 18 | 经营现金流 (Operating Cash Flow) | OCF 除以总资产 | \[ \text{\text{OCF Ratio} = \frac{\text{经营活动产生的现金流量}}{\text{... | |
| 19 | 审计质量 (四大审计师) | 虚拟变量 (1 = 四大, 0 = 非四大) | \[ \text{\text{Big4} = \begin{cases} 1 & \text{普华永道、安永、德勤、毕马... | |
| 20 | 董事会规模 (Board Size) | 董事/监事人数 | \[ \text{\text{Board Size} = \text{董事会总人数}} \]... | |
| 21 | 独立董事比例 | 独立董事 (%) | \[ \text{\text{Indep. Comm.} = \frac{\text{独立董事人数}}{\text{董事... | |
| 22 | 性别多样性 (Gender Diversity) | 女性董事虚拟变量 | \[ \text{\text{Gender} = \begin{cases} 1 & \text{有女性董事/监事} \... | |
| 23 | 避税 (Tax Avoidance) | 现金有效税率 (CETR) | \[ \text{\text{CETR} = \frac{\text{实际支付的现金税款}}{\text{税前利润}}}... | |
| 24 | 财务报表欺诈检测 | Beneish M-Score | \[ \text{\text{M-Score} = -4.84 + 0.920 (\text{DSRI}) + 0.52... | |
| 25 | 替代破产预测 | Zmijewski (X-Score) | \[ \text{\text{X-Score} = -4.3 - 4.5 \left( \frac{\text{净利润}... | |
| 26 | 智力资本 (VAIC) | 智力增值系数 | \[ \text{\text{VAIC} = \text{VACA} + \text{VAHU} + \text{STV... | |
| 27 | 绿色银行披露 | 虚拟变量：如果披露为1，否则为0 | \[ \text{\text{GBD} = \begin{cases} 1 & \text{如果披露绿色银行活动} \\... | |
| 28 | 银行环境绩效 | 虚拟变量：如果报告了环境绩效为1，否则为0 | \[ \text{\text{BEP} = \begin{cases} 1 & \text{如果报告了环境绩效} \\ ... | |
| 29 | 绿色金融 | 虚拟变量：如果发放为1，否则为0 | \[ \text{\text{GF} = \begin{cases} 1 & \text{如果发放绿色金融} \\ 0 ... | |
| 30 | R&D Intensity | R&D Intensity | \[ \frac{\text{Research and Development Expense}}{\text{Tota... | |
| 31 | Carbon Emission Disclosure | Carbon Emission Disclosure | \[ \text{Disclosure Score Based on GRI Index} \]... | |
| 32 | Audit Fee | Audit Fee | \[ \text{Natural Logarithm (Ln) of Total Professional Audit ... | |
| 33 | Rasio Direktur Wanita | Rasio Direktur Wanita | \[ \frac{\text{Number of Female Directors}}{\text{Total Boar... | |
| 34 | Skor CSR (Corporate Social Responsibility) | Skor CSR | \[ \text{Number of Disclosed CSR Items} / \text{Total Items ... | |
| 35 | Kepemilikan Institusional | Kepemilikan Institusional | \[ \frac{\text{Shares Owned by Institutions}}{\text{Total Sh... | |
| 36 | Kepemilikan Asing | Kepemilikan Asing | \[ \frac{\text{Shares Owned by Foreign Investors}}{\text{Tot... | |
| 37 | Cash Holding Ratio | Cash Holding Ratio | \[ \frac{\text{Cash and Cash Equivalents}}{\text{Total Asset... | |
| 38 | Dividend Payout Ratio | Dividend Payout Ratio | \[ \frac{\text{Total Cash Dividends}}{\text{Net Income}} \]... | |
| 39 | Rasio Operating Cash Flow terhadap Hutang | Rasio Operating Cash Flow terhadap Hutang | \[ \frac{\text{Operating Cash Flow}}{\text{Total Debt}} \]... | |