Research Article
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 |
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