3.2.3. Resource Endowment (*RE*)

In this paper, based on the studies of Xu et al. (2019) and Mtaturu (2020), the resource endowment of firms is divided into five areas based on the source of resources: government, and financing institutions such as banks, suppliers, customers, and other firms [55,56]. In addition, for the aspect quantitative analysis, this paper uses the data of government subsidy income, short-term loans, accounts payable, accounts receivable, and long-term equity investment of enterprises to represent the resource endowment of these five aspects respectively. Different basic index weights were assigned using the principal component analysis (PCA) approach, and the composite index *RE* was created.
