Slow Progress or Quick Success: Does green credit facilitate the service transformation of Chinese manufacturing enterprises?

This study considered non-financial A-share listed corporations between 2007 and 2021, with enterprise data retrieved from the CSMAR database, the Wind database, and various provincial and municipal statistical yearbooks. The collected data was processed as follows: (1) Given the adjustments to industry codes by the China Securities Regulatory Commission in 2012, this study standardized industry codes from before 2012 to the dimension of codes after 2012. (2) The sample industry was restricted to manufacturing, and all ST, *ST, and PT company samples were excluded. (3) Samples of corporations with severely missing fundamental data were removed. (4) Samples of corporations with a debt–asset ratio exceeding 1 were removed. (5) A 1% trimming was applied to all dummy variables. The final sample comprised 21,273 observations, with 6,868 samples designated as the experimental group and 14,405 samples designated as the control group.

本研究以2007年至2021年的非金融A股上市公司为研究对象，企业数据取自国泰安（CSMAR）数据库、万得（Wind）数据库及各省市统计年鉴。所采集的数据按以下流程进行处理：（1）鉴于中国证券监督管理委员会于2012年调整了行业分类代码，本研究将2012年之前的行业代码统一校准至2012年之后的代码维度；（2）将样本行业限定为制造业，同时剔除所有被实施ST、*ST及PT特别处理的公司样本；（3）剔除基本面数据严重缺失的公司样本；（4）剔除资产负债率大于1的公司样本；（5）对所有虚拟变量进行1%缩尾处理。最终有效样本共计21273个观测值，其中实验组样本6868个，对照组样本14405个。