data

Our study is based on data from Chinese A-share listed companies for the period 2017–2022. The firm-year panel dataset includes financial and environmental variables, along with annual information on green factory certification. The data are drawn from five main sources: green factory certification data provided by the MIIT in China; a hand-collected dataset on political connections; financial data from the CSMAR and Wind financial databases; environmental performance information from annual reports and the Enterprise Tax Survey Dataset published by the Chinese State Administration of Tax. After excluding firms in the financial sector and those with ‘ST’ status, our final sample comprises 22,732 firm-year observations.

本研究以2017-2022年中国A股上市公司的数据为研究基础。该公司-年度面板数据集涵盖财务与环境变量，以及绿色工厂认证的年度相关信息。本数据集主要源自五大渠道：中国工业和信息化部（MIIT）提供的绿色工厂认证数据、手工收集的政治关联数据集、国泰安（CSMAR）与万得（Wind）金融数据库的财务数据，以及取自上市公司年报与国家税务总局发布的企业税收调查数据集的环境绩效信息。在剔除金融行业上市公司以及被实施特别处理（ST）的企业后，本研究最终有效样本包含22732个公司-年度观测值。