in:

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  The weight of the largest shareholder's shareholding ratio reflects the control that the controlling shareholder has over the company.

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  The weights of the shareholding ratios of the second to tenth largest shareholders reflect the level of participation of major institutional investors.

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  The weight of the circulating stock ratio reflects the trading activity of the company's shares in the secondary market. A higher circulating stock ratio usually means stronger market liquidity.

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  The weight of the number of shareholders of a listed company. Too many shareholders may lead to dispersed equity and affect the efficiency of corporate governance; too few shareholders may lead to concentrated equity and there is a risk of major shareholders abusing their control.

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  The weight of the proportion of independent directors reflects the independence and professionalism of the board's decision-making. Independent directors play an important role in safeguarding the interests of small and medium shareholders.

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  The weight of the number of board members. A moderate board size helps improve decision-making efficiency and governance level, but an excessively large board size may lead to a decrease in decision-making efficiency.

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  The weight of management remuneration and the level of management remuneration should be linked to the company's performance. Reasonable remuneration incentives can stimulate the enthusiasm of management.

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  The weight of the number of management shares. Management shareholding helps to align the interests of management with those of shareholders and enhance the enthusiasm of management.

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  The weight of penalties imposed by the China Securities Regulatory Commission, exchanges, etc. reflects the compliance of the company's operations. The more penalties a company receives, the weaker its corporate governance is.

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  The weight of whether to implement equity incentives. Equity incentives help attract and retain talent and enhance the long-term value of the company.

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  The shareholding ratio of the largest shareholder, expressed as a percentage.

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  The sum of the shareholdings of the second to tenth largest shareholders, expressed as a percentage.

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  The proportion of outstanding shares, that is, the proportion of the number of outstanding shares to the total share capital, expressed as a percentage.

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  The number of shareholders of a listed company indicates the total number of shareholders of the company.

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  The proportion of independent directors to the total number of board members, expressed as a percentage.

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  The total number of board members.

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  Management compensation usually uses the logarithm of the annual total management compensation or the average compensation per person.

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  The number of company shares held by management can be expressed as the total shareholding ratio of management.

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  The number or severity of penalties imposed on a company by the regulatory authorities for violations can be expressed through a quantitative score. For example, the negative number of penalties in the past period of time or the logarithmic processing of the penalty amount can be used.

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  Whether equity incentives are implemented can be represented by a binary variable: 1 if implemented and 0 if not, or it can be quantified by considering the scale and coverage of the equity incentive plan.