| Variable name | Variable symbol | Variable definitions |

Dependent variable | Asset-liability ratio | LEV | Total debt/total assets |

Independent variables | Policy variables | POLICY | Industry dummy variables, when the six large industries value 1, otherwise the value 0 |

Time variable | TIME | Dummy variables, year 2015 numerical value is equal to 1, year 2013 numerical value is equal to 0 | |

Interactive variables | DID | The dummy variable, belongs to the six major industry value and the year of 2015, the value is 1, otherwise the value 0 | |

Control variables | The first big shareholder shareholding | TOP1 | The first big shareholders holding at this/total equity |

The first ten big shareholderâ€™s stake | TOP10 | The top 10 shareholders holding this/total equity | |

Free float | CIR | Circulation equity/total equity | |

Company size | SIZE | The natural logarithm of total assets | |

Non-debt tax shields | NDTS | Depreciation/total assets | |

Liquidity | LIQ | Current assets/current liabilities | |

Cash flow | CAS | Operating activities cash flow/total equity | |

Profitability | ROA | The total profit/total assets | |

Assets structure | ASS | Inventory/total assets | |

The actual tax burden | TAX | (Value-added tax and enterprise income tax)/profit |