Research of Microcosmic Affection Factors on Capital Misallocation: A Case of Chinese Listed Companies

Table 6

Descriptive statistics of main variables.

Variables	⁢EFD = 3 (high level of external finance dependence)		⁢EFD = 2 (intermediate level of ⁢external finance dependence)		⁢EFD = 1 (low level of external ⁢finance dependence)
	Mean	Observations	Mean	Observations	Mean	Observations
Financial liquidity	0.322	3542	0.547	1293	0.862	2256
Financial pledgeability	5.63	3543	6.38	1294	8.74	2255
Firm size	11.75	3543	12.26	1294	13.72	2255
Profitability	5.37	3543	9.21	1294	12.33	2257
Debt structure	0.672	3544	0.534	1295	0.39	2257
Investment in fixed assets	6.34	3544	7.66	1295	5.46	2257
Innovation performance	0.121	3537	0.377	1286	0.614	2245