| Variables | Define |
| Explained Variable | |
| Debtchange | Level of new debt, new debt in the year t + 1 as a proportion of total assets at the end of year t. |
| Stloan | New short-term bank borrowings, new short-term bank borrowings as a proportion of total assets. |
| Ltloan | New long-term bank borrowings, new long-term bank borrowings as a percentage of total assets. |
| Explanatory Variable | |
| DT | The derivatives uses dummy variables. If the derivatives is used, it is set to 1; otherwise, to 0. |
| POST2014 | Year 2014 and later is set to 1, 2010-2013 is set to 0. |
| Disclosure | The Disclosure quality of derivatives information dummy variable. If three key information, such as the derivatives table, the fair value of derivatives and the impact on profit and loss, are disclosed in the annual report, the disclosure is good, and the value of Disclosure is 1, otherwise it is 0. |
| Control Variable | |
| Size | Firm size, the natural logarithm of the company’s total assets at the end of the period. |
| PPE | Proportion of fixed assets, the ratio of fixed assets to total assets at the end of the period. |
| ROA | Return on total assets, earnings before interest and tax/average of total assets at the beginning and end of the period. |
| Debtratio | Leverage, total liabilities at the end of the period/total assets at the end of the period. |
| Quickratio | Quick ratio, quick assets/current liabilities. |
| Z | Z value, the possibility of enterprise financial failure or bankruptcy, the lower the z value, the more likely the enterprise will go bankrupt. |
| SGA | Non-debt tax shield, (management expenses + sales expenses)/operating income. |
| MB | (Stock market value + book value of liabilities)/total assets. |
| Oversea | Proportion of overseas business income, proportion of overseas business income to operating income. |
| Icindex | Dibo Internal Control Index, the higher the internal control index, the better the internal control quality. |
| Ownership | State of ownership, dummy variable, for SOEs, it is set to 1, and 0 for non-SOEs. |
| Age | The establishment period of the company. |
| Divident | Cash dividend per share. |
| OCF | Proportion of net cash flow from operating activities to operating income. |
| Industry | Industry Control Variables. |
| Year | Industry Control Variables. |