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)

−