Variables | Symbols | Variable Definition |

Dependent Variable | NCSKEW | Indicator of the company’s stock price crash risk, calculated by the formula (3) |

DUVOL | Indicator of the company’s stock price crash risk, calculated by the formula (4) | |

Independent Variable | Lngg | Government subsidy, calculated by the natural logarithm of the amount of government subsidy for company i in year t |

Acc | Information opacity, calculated by the formula (5) (6) | |

Control Variables | Pb | Firm i’s market to book rate in year t |

Da | Asset-liability ratio of firm i in year t | |

Size | Firm size, calculated by the natural logarithm of the amount of total assets of firm i in year t | |

Roa | Firm i’s operating profit divided by total assets in year t | |

Ret | The average of firm i’s specific weekly return rate | |

Sigma | The standard deviation of firm i’s specific weekly return rate in year t | |

Fund | Firm i’s fund shareholding ratio in year t | |

Yturn | Abnormal turnover rate, calculated by the difference between annual turnover rate in year t and annual turnover rate in year t − 1 |