State-Owned Capital Infusion and Compensation Practices in Non-State-Owned Enterprises

This study selects China’s A-share listed NSOEs from 2010 to 2020 on the Shanghai and Shenzhen Stock Exchanges. The initial sample comprises 19,313 firm-year observations with ownership structure data manually collected from corporate registries on Qichacha , complemented by financial and governance variables sourced from the China Stock Market & Accounting Research, China Research Data Service Platform, and China Economic Information databases. For sample validity, we sequentially applied four filters: excluding firms initially state-controlled at IPOs that later transitioned to NSOEs through equity transfers; removing financial and insurance sector firms; dropping financially distressed entities, including special treatment firms and delisted companies; and eliminating observations with incomplete data for key variables. The final sample encompassed 14,650 firm-year observations. All continuous variables were winsorized at the 1st and 99th percentiles to mitigate the influence of extreme values.

本研究选取2010至2020年于上海、深圳证券交易所上市的中国A股非国有上市公司（Non-State-Owned Enterprises, NSOEs）。初始样本共包含19313个公司年度观测值，其所有权结构数据通过企查查（Qichacha）的企业登记信息手动采集得到，财务与治理变量则分别取自中国股票市场与会计研究数据库、中国研究数据服务平台及中国经济信息数据库。为保障样本有效性，本研究依次实施四道筛选程序：一是剔除上市初始为国有控股、后续通过股权转让转为非国有控股的公司；二是移除金融与保险行业上市公司；三是剔除财务困境主体，包括特别处理（ST）公司及已退市企业；四是删除关键变量存在数据缺失的观测值。最终有效样本共包含14650个公司年度观测值。为缓解极端值的影响，本研究对所有连续变量在1%与99%分位数处进行缩尾处理。