| Variable type | factor | index | forecast |
| Explanatory variables | Local government finances | GDP per capita (GDP avg) | − |
| public finance income (REVENUE gov) | − | ||
| Control variable | Macro factors | GDP growth rate (GDP growth) | + |
| CPI growth rate (CPI growth) | − | ||
| r007(ROO7) | + | ||
| Bond factors | size (SIZE) | − | |
| period (PERIOD) | − | ||
| Issuer factors | total operating revenue (REVENUE issuer) | − | |
| Roa (ROA) | − | ||
| total asset turnover (TURNOVER) | − | ||
| debt ratio (LEVERAGE) | + | ||
| virtual variable | Underwriter factors | lead underwriting reputation index (d1) | − |