The year-on-year growth rate of total liabilities is calculated by subtracting the total liabilities in the previous year from the total liabilities in the most recent reporting period, and then dividing the total liabilities in the previous year. This indicator is used to measure the changes in the scale of a company's liabilities in the past year. In the A-share market, empirical studies have found that the relationship between this factor and future earnings has time-effectiveness differences: when the statistical interval of the growth rate is long (such as 5 years), the factor is negatively correlated with future earnings, indicating that long-term high debt growth may imply excessive expansion and debt repayment pressure on the company; when the statistical interval is annual or quarterly, the factor is positively correlated with future earnings, indicating that short-term moderate debt growth may support the company's business development and have a positive effect on the company's future earnings.