Data of China's Shanghai and Shenzhen A-share Listed Companies (2013-2023)

Using Chinese A-share listed companies from 2013 to 2023 as the initial research sample, the raw data was screened based on the following principles: (1) excluding companies belonging to the financial industry sample; (2) excluding company samples marked as ST, * ST, or PT during the sample period; (3) excluding observations with missing key variable data. After the above processing, a non-equilibrium panel dataset containing 24930 annual observations of enterprises was finally obtained. To mitigate the potential interference of extreme values on the estimation results, this paper performed Winsorize treatment on all continuous variables with upper and lower 1% quantiles.