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 |