| Variables | Symbols | Variable Definition |
| Dependent Variable | NCSKEWi,t+1 | Indicator of the company’s stock price crash risk, calculated by the formula (3) |
| DUVOLi,t+1 | Indicator of the company’s stock price crash risk, calculated by the formula (4) | |
| Independent Variable | Lnggi,t | Government subsidy, calculated by the natural logarithm of the amount of government subsidy for company i in year t |
| Acci,t | Information opacity, calculated by the formula (5) (6) | |
| Control Variables | Pbi,t | Firm i’s market to book rate in year t |
| Dai,t | Asset-liability ratio of firm i in year t | |
| Sizei,t | Firm size, calculated by the natural logarithm of the amount of total assets of firm i in year t | |
| Roai,t | Firm i’s operating profit divided by total assets in year t | |
| Reti,t | The average of firm i’s specific weekly return rate | |
| Sigmai,t | The standard deviation of firm i’s specific weekly return rate in year t | |
| Fundi,t | Firm i’s fund shareholding ratio in year t | |
| Yturni,t | Abnormal turnover rate, calculated by the difference between annual turnover rate in year t and annual turnover rate in year t − 1 |