Contains 10 original Excel datasets that support the analyses presented in the article.

The files correspond to the following variables and themes (all data are structured in standard spreadsheet format for reproducibility): balance: Dataset related to firms’ balance sheet indicators (e.g., assets, liabilities, and owner's equity). board: Data on corporate board characteristics (e.g., board size). company: Basic information of sample companies (e.g., Date of establishment, Date of listing). EquityNature+English: Dataset on the nature of corporate equity (e.g., ownership type, state-owned vs. non-state-owned shares). income+English: Data on firms’ income statement metrics (e.g., Operating Cost, net profit, operating income). market+English: Market-related indicators (e.g., Marketization Index of the Region Where Listed Companies Are Located). profit_ratio: Dataset of profitability ratios (e.g., return on assets, return on equity, EBIT). relation+English: Shareholder Related Relationship Data (e.g., Relationship Level Identifier, Related Party (Shareholder) Name, Whether it is a Direct Shareholder, Whether it is an Indirect Shareholder, Shareholding Ratio). shareholder+English: Shareholder Shareholding Information Data (e.g., Shareholding Rank, Shareholding Quantity, Shareholding Ratio). tobinq: Dataset of Tobin’s Q values (a measure of firm value, calculated as the ratio of market value to book value of assets). (ZIP)

本数据集文件对应如下变量与主题（所有数据均采用标准电子表格格式存储，以保障研究可复现性）：
balance：企业资产负债表指标相关数据集（例如资产、负债及所有者权益）
board：企业董事会特征数据（例如董事会规模）
company：样本企业基础信息（例如成立日期、上市日期）
EquityNature+English：企业股权性质数据集（例如股权类型、国有股与非国有股）
income+English：企业利润表指标数据（例如营业成本、净利润、营业收入）
market+English：市场相关指标（例如上市公司所在区域市场化指数）
profit_ratio：盈利能力比率数据集（例如资产收益率、净资产收益率、息税前利润（EBIT））
relation+English：股东关联关系数据（例如关联关系层级标识、关联方（股东）名称、是否为直接股东、是否为间接股东、持股比例）
shareholder+English：股东持股信息数据（例如持股排名、持股数量、持股比例）
tobinq：托宾Q（Tobin’s Q）值数据集，该指标用于衡量企业价值，计算方式为资产市值与账面价值的比值。
本数据集以ZIP格式打包。