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| 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 shareholder’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 |