| Variable | Name | Letter | Definition |
| Explained Variable | Implicit Transaction Cost | S |
|
| Explanatory variable | Equity Concentration | CON | The sum of squares of the top ten shareholding ratio. |
| Institutional Shares Proportion | PIS | Total number of institutional investors/Total share capital | |
| Insider Ownership | PNS | (State owned shares + Legal person shares)/Total share capital | |
| Circulation A Shares Proportion | LTA | A shares in circulation/Total share capital | |
| Turnover Rate | HSL | Trading shares/Total share capital | |
| Control Variable | Price | VOL | Closing price |
| Volume | PRI | Volume |