| Variable | Variable Interpretation |
| DEBT | Scale of new debt financing of enterprise |
| MIXTONE1 | Mixed text tone 1 = 50% Annual report tone + 50% GBTONE, the number of positive words and negative words in the annual report tone based on the LM dictionary |
| MIXTONE2 | Mixed text tone 2 = 50% Annual report tone + 50% GBTONE, the number of positive words and negative words in the annual report tone based on the Chinese Sentiment Polarity Dictionary compiled by Taiwan University |
| LnEPU | Ln(Annual economic policy uncertainty index) |
| LEV | Corporate leverage ratio, Total liabilities/Total assets |
| SIZE | Ln(Total assets at the end of year) |
| AGE | Duration of company listing |
| ROA | NI/Total assets |
| GROWTH | The growth rate of operating income |
| CR | Current assets/Current liabilities |
| FAR | Fixed assets/Total assets |
| DUAL | If the general manager and chairman are the same person, the value is 1, otherwise 0 |
| BOARDSIZE | Ln(Number of board members) |
| INDEP | The proportion of independent directors on the board |
| Z-SCORE | Z value. Define the corporate financing constraint and measure the risk of bankruptcy |
| FIRSTHOLD | The shareholding ratio of the largest shareholder |
| MSHAR | Management shareholding ratio |