Table 1 The result of descriptive statistics for the variables.

Variable	Symbol	N	Mean	p50	S. D	Min	Max
High-quality enterprise development	TFPLP	22,291	8.337	8.228	1.019	6.198	11.14
Digital inclusive finance	DIF	22,291	303.3	318.1	94.9	60.58	459
Innovation	Innovation	22,291	2.832	2.996	1.768	0	9.61
Financing constraint	FC	22,291	− 3.835	− 3.838	0.282	− 5.69	0
Internal control level	ICL	22,291	642.3	661.3	111.2	0	945
Company size	SIZE	22,291	22.28	22.08	1.288	20.03	26.33
Leverage ratio	LEV	22,291	0.414	0.403	0.2	0.057	0.887
Ownership concentration	TOP	22,291	33.93	31.8	14.62	8.43	73.7
Business growth	Growth	22,291	0.166	0.105	0.377	− 0.512	2.275
Ownership concentration	CFO	22,291	0.05	0.048	0.067	− 0.137	0.244
Company age	AGE	22,291	2.94	2.996	0.323	1.946	3.526
Board size	BSIZE	22,291	2.115	2.197	0.195	1.609	2.639
Management shareholding	MSR	22,291	14.23	1.135	19.69	0	67.45

(1) The LP method is calculated in TFP, according to the Cobb–Douglas function, converted into the following equation for calculation: \({lnY}_{it} = \alpha ln Lit + \beta ln Kit + uit.\) In this equation, the output Y stands for the primary business income of the listed company/the added value of the listed company, Labor L stands for the number of employees within the listed company, Capital K stands for the net value of fixed assets and cash agent for purchasing goods and accepting labor payment for intermediate product input M. (2) For the calculation method of DIF, please refer to the research on Index Compilation 2,191 listed companies. The DIF index is based on the Peking University Digital Inclusive Finance Index while the other accounting and financial indicators are based on the China Stock Market and Accounting Research Database and annual financial reports. The definitions of important variables and descriptive statistics are listed in Table 1.

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