| Variable symbol | Variable name | Calculation method | Data source |
| FA | Corporate financialization | The natural logarithm of corporate financial assets | Wind, CSMAR |
| MPU | Monetary policy uncertainty in China | Calculated according to the method of | CEIC |
| TA | Enterprise size | Natural logarithm of total assets | Wind, CSMAR |
| ROA | Return on total assets | Net profit/total assets | Wind, CSMAR |
| LEV | Asset liability ratio | Total liabilities/total assets | Wind, CSMAR |
| Risk | Relative risk of financial and fixed asset investment | Ratio of rolling three-year standard deviation of return on financial assets to the rolling three-year standard deviation of return on fixed assets | Wind, CSMAR |
| Salesgrowth | Growth rate of operating income | (Current operating income − previous operating income)/ previous operating income | CSMAR |
| TobinQ | Tobin’s Q value | Market value/total assets | CSMAR |
| Turnover | Total assets turnover ratio | Operating income/average total assets | Wind, CSMAR |
| Shareholder | Equity concentration | Shareholding ratio of the top five shareholders | CSMAR |
| GDPg | Year on year GDP growth rate | (Current GDP − previous GDP)/previous GDP | CEIC |
| CPIg | Year-on-year growth rate of CPI | CPI index of this year − 100 (base period is the previous year) | CEIC |
| M2g | M2 year-on-year growth rate | (M2 of the current period − M2 of the previous period)/ M2 of the previous period | CEIC |
| LPR | Benchmark interest rate for loans | 1-year benchmark bank loan interest rate | CEIC |
| RETURNFA | Return on corporate financial assets | Financial asset profits/Corporate financial assets | Wind, CSMAR |
| COD | Cost of debt financing | (Net corporate capital expenditure + Corporate interest income)/Total corporate debt | Wind, CSMAR |