Variables Symbols | Variable Definition | |

Dependent Variable | NCSKEW | 1% Shrinkage Index of the stock price in t + 1 period. |

DUVOL | 1% Shrinkage Index of the stock price in t + 1 period. | |

Independent Variable | Igroup | Enterprise Group variable |

SOE | state-owned | |

Control Variables | Dturn | Change of monthly turnover rate; for the monthly average turnover rate difference of the T-year and the T-1year stock i. |

Em | Information transparency, the corrected Jones model (Dechow et al, 1995) returns the absolute value of residuals by annual regression. | |

Size | The size of the listed company, with the natural logarithm of the total assets of the company;. | |

roa | The total asset yield of the listed company, that is, the net profit /total assets. | |

lev | The ratio of the assets and liabilities of listed companies is expressed by total liabilities compared with total assets; | |

Sd | Fluctuations in the specific earnings. Stock i in the T-year of the standard deviation of the specific weekly yield. |