| category | variable name | symbol | measurement method |
| Company operations | enterprise size | Size | Total assets log |
| business age | Age | Ln (1 + years of listed companies) | |
| corporate profitability | Nps | Net profit/operating income | |
| business growth | Growth | (Total operating income of the current period − total operating income of the previous period)/total operating income of the previous period | |
| enterprise risk level | Lev | Total liabilities at the end of the year/total assets at the end of the year | |
| Corporate Governance | ownership concentration | Owner | Sum of shareholding ratio of top ten shareholders |
| equity balance | Bal | Whether the top ten shareholders are related (existence = 1; others = 0) | |
| Two-weight separation ratio | Separ | The difference between the control right and ownership of the listed company owned by the actual controller | |
| Work of Independent Directors | Indep | Statistics on the consistency of working places of independent directors and listed companies (consistency = 1; others = 0) | |
| Integration of two positions | Interg | Concurrent positions of chairman and general manager (yes = 1; others = 0) |