Relationship between Financial Asset Allocation, Leverage Ratio, and Risk-Taking of Small- and Medium-Sized Enterprises in China: Taking Environment-Related Industries as an Example

Table 1

Variable definition, symbols, and descriptions.

Variable definition	Variable name	Symbol	Definition
Explained variable	Enterprise risk-taking	Risk	Standard deviation of three-year rolling enterprise return on assets
Mediating variable	Leverage ratio	Lev	Gross liabilities/total assets
Explanatory variable	Financial assets investment	Fin	The proportion of the sum of the trading financial assets seven items in the balance sheet to the total assets of the enterprise
	Enterprise scale	Size	Natural logarithm in total assets
	Operating years	Age	Natural logarithm of years of establishment plus 1
	Growth ability	Growth	Revenue growth rate
	Initial profitability	ROA	The earnings before interest and tax/total assets
Control variable	GDP growth	Gdp	GDP growth
	Growth in the scale of social financing	Social	Growth in the scale of social financing
	Industry	IND	Industry dummy variable
	Annual	Year	Annual dummy variable