| Variable property | Variable name | Variable code | Variable description |
| Control Variable | return on total assets | ROA | Net profit/Average total assets |
| Company size | Size | Natural logarithm of total assets at the end of the period | |
| Financial leverage | LEV | Total liabilities/total assets at the end of the period | |
| Board size | BDS | Total number of board members | |
| Whether the two positions are integrated | Cbd | If the general manager and the chairman of the board of directors are combined, the value will be 1, otherwise it will be 0 | |
| Top management shareholding ratio | Con | Top management shareholding ratio | |
| Degree of separation of two weights | Separation | According to the calculation of CSMAR database | |
| Audit quality | TOP4 | If audited by four major accounting firms, the value is 1; otherwise, the value is 0 | |
| Information disclosure quality | A_ OPION | If the audit opinion is standard without reservation, the value is 1; otherwise, the value is 0 | |
| Proportion of independent directors | IDRATIO | Proportion of independent directors | |
| Enterprise risk | Risk | Comprehensive Lever coefficient | |
| Enterprise growth | PB | Price-to-book ratio at the end of the year | |
| Growth rate of sales revenue | SGROW | (current sales revenue-previous sales revenue)/ previous sales revenue | |
| The proportion of shares held by the largest shareholder | First | The proportion of shares held by the largest shareholder |