| Variable type | Variable name | symbol | Variable definitions |
| Dependent variable | R & D | R & D | R & D expenditure/total assets |
| Independent variable | Industry-Finance Integration | Fin | Dummy variable, if the company’s shareholding in an unlisted financial institution is set to 1, otherwise it is set to 0 |
| Moderator | Agency cost | Agency_cost | Management expenses/operating income, greater than the median take 1, otherwise 0 |
| Financing constraints | Kz_index | Dummy variable, if KZ index is greater than median, take 1; otherwise, take 0. See Formula (1) | |
| Mediation variable | Operating risk | Risk | 5-year rolling standard deviation of annual stock returns adjusted by industry average. See Formula (1) |
| Control variable | Enterprise size | Size | Natural logarithm of total assets |
| Financial leverage | Lev | Total Liabilities/Total Assets | |
| Profitability | Roa | Net profit/total assets | |
| Equity concentration | Share | The sum of the shareholdings of the top five shareholders | |
| Operating cash flow | Cflow | Net cash flow from operating activities/total assets | |
| Company age | Age | The current year minus the year of establishment takes the natural logarithm | |
| Annual control variable | Year | The value of the year is 1, otherwise it is 0 | |
| Industry control variables | Ind | The value of this industry is 1, otherwise it is 0 |