| Type of variable | Name of variable | Symbol | Interpretation of variable | Sources of data |
| Explained variables | Financial technology risks | FTR | Fintech index volatility levels | Baidu Index Database |
| Explanatory variables | Government intervention | GOV | Number of government policies | Official website of the central government department; https://www.pkulaw.com/ |
| Moderator variables | Media attention | Media | Number of media coverage | CCND |
| Control variables | The development level of Fintech | DFT | The number of e-payments | The People’s Bank Of China |
| The development level of basic sciences and technology | DBT | Number of company units in the software and information technology services industry | National Bureau of Statistics | |
| The application level of of basic science and technology | ABT | Number of broadband access users | National Bureau of Statistics |