Innovation Efficiency of High-Tech SMEs Listed in China: Its Measurement and Antecedents

Table 2

Brief description of influential factors.

Variable	Label	Interpretation of indicators
Innovation efficiency	IE	The innovation efficiency value is calculated by the super-SBM model
Government subsidies	GS	The enterprise’s annual R&D expenditures from the government
Ownership concentration	OC	The proportion of the top ten largest shareholders
Firm size	Size	The enterprise’s annual total assets
Asset-liability ratio	ALR	The ratio of total debt to total assets
Market competition	MC	The ratio of selling expenses to operating income
Firm age	Age	The number of years of incorporation of enterprise per year