| Variable name | Variable code | Variable description |
| Accrued profit | ACC | Accrued profit = (operating profit operating activity cash flow)/ total assets at the beginning of the period |
| Cash flow from operating activities | CFO | Cash flow from operating activities = operating profit + depreciation − working capital ∆working capital = ∆current liabilities − ∆cash − ∆current liabilities + ∆long-term liabilities due within one year |
| Operating activity cash flow | DCFO | When the operating activity cash flow is less than 0, the value is 1; otherwise it is 0 |
| Capital intensity | S1 | Fixed assets/employees |
| Renewed fixed assets | S2 | Net fixed assets/original value of fixed assets |
| Period cost input | S3 | Management fee/operating income |
| Corporate financial leverage, | S4 | (Short-term loans + long-term loans + bonds payable)/net assets |
| Sales expense ratio | S5 | Sales expenses/operating income |
| Intangible assets ratio | S6 | Intangible assets/operating income |
| Corporate strategic deviance | SD | S1-S6 are summed after industry standardization, absolute value is calculated, and finally averaged |
| Enterprise size | SIZE | Enterprise size = the natural logarithm of the company’s total assets |
| Asset-liability ratio | LEV | Asset-liability ratio = total liabilities/total assets |
| Market book ratio | MTB | Market book ratio = equity market value/book value of equity |