| Category | Variable Meaning | Label | Definition |
| Interpreted variable | Risk-taking | Rt_roa | Industry-adjusted Roa Volatility |
| Return on Total Assets | Roa | Next Period Net Profit/Next Period Total Assets | |
| Explanatory variables | Pledge ratio | Pledge | Number of large shareholders’ Pledged Shares/number of shares held by large shareholders |
| Moderating variable | Pledge use | Use | If capital is invested outside the enterprise, assign value to 1, otherwise 0 |
| Controlling svariables | Company size | Size | Natural logarithm of total assets |
| Asset-Liability Ratio | Lev | Ratio of Liabilities to Total Assets | |
| income Growth | Growth | (Current Operating Revenue - Last Operating Revenue)/Last Operating Revenue | |
| The nature of property rights | Soe | State-owned enterprises 1, the other 0 | |
| Listing age | Age | Ln(1+ year of listing) | |
| R & D Inputs | R & D | R & D Inputs/Total Assets | |
| Large shareholder ownership holding | Hold | Large shareholder ownership ratio |