| Variable name | Symbol | Variable definitions |
| audit fee | auditfee | The natural logarithm of the company’s audit fees for the year |
| competitive position | PCM | (Operating income − operating costs − selling expenses − administrative expenses)/operating income |
| corporate growth | Grow | (Main business income for the current period − Main business income for the previous period)/ Main business income for the previous period) |
| enterprise size | size | Natural logarithm of total assets |
| profitability | roa | Company net profit/total assets |
| debt to asset ratio | lev | Total Liabilities/Total Assets |
| business complexity | inv | Inventory/total assets |
| rec | Accounts receivable/total assets | |
| whether to lose money | loss | The company’s loss for the year is 1, otherwise it is 0 |
| nature of property right | ownership | The company’s ultimate controller is 1 for the country, otherwise 0 |
| auditor change | change | Auditor changes take 1, otherwise 0 |
| accounting firm size | big4 | Big 4 take 1, otherwise 0 |
| regional impact | register | Companies registered in Beijing, Shanghai, Guangzhou and Shenzhen are 1, otherwise 0 |
| industry | ind | Establish industry dummy variables according to the industry classification of the SFC 2012 |
| year | year | Establish annual dummy variables by sample year |