Patient Capital and Corporate Green Transformation

The research data used in this paper mainly come from the CSMAR database, supplemented by textual information from corporate annual reports, official websites, and social responsibility reports. The sample covers Chinese A-share listed companies from 2012 to 2024. After excluding financial firms and companies with special treatment (ST/PT), an unbalanced panel dataset containing 35,440 observations is obtained. Among the core variables, the Green Transformation Index (GTI) is constructed by extracting 113 keywords using textual analysis; Strategic Equity (SE) is dynamically identified based on the actual holding duration of institutional investors; Relational Claims (RC) are measured as the ratio of long-term debt. In addition, control variables such as financial leverage, profitability, asset structure, and board characteristics are included, and continuous variables are winsorized at the 1st and 99th percentiles.

本文所用研究数据主要来源于国泰安（CSMAR）数据库，辅以上市公司年报、官方网站及社会责任报告中的文本信息。研究样本覆盖2012至2024年中国A股上市公司，在剔除金融类企业与被实施特别处理（ST/PT）的公司后，最终得到包含35440个观测值的非平衡面板数据集。核心变量方面，绿色转型指数（Green Transformation Index, GTI）通过文本分析提取113个关键词构建得到；战略持股（Strategic Equity, SE）基于机构投资者的实际持有期限进行动态识别；关系型债权（Relational Claims, RC）以长期负债占比作为衡量指标。此外，本文纳入财务杠杆、盈利能力、资产结构、董事会特征等控制变量，并对所有连续变量在1%与99%分位处实施缩尾处理。