State-owned capital participation and credit ratings: Evidence from private listed firms

README: Replication Package
Paper Title

State-owned capital participation and credit ratings: Evidence from private listed firms

Authors:
Yuanyuan Yang (Nanjing University of Science and Technology)
Prof. Xiaoxia Liu (Nanjing University of Science and Technology)
Dr. Qian Sun (Nanjing University of Science and Technology)

Date: March 24, 2026

1. Overview
This replication package provides all the publicly available data, code, and instructions required to reproduce the main empirical results of the above-mentioned research paper. The package is designed to facilitate transparency and enable independent verification of all statistical findings reported in the study.

2. Contents
The replication package includes the following folders and files:
2.1 Data
This folder contains all publicly available data at the firm level. Most financial and governance indicators are sourced from the CSMAR database. Due to its proprietary nature, researchers interested in accessing the complete set of economic indicators are encouraged to contact or subscribe to the CSMAR database.
2.2 Do_files
This folder contains all Stata do-files required to replicate the empirical analysis presented in the study.

3. Software Requirements
Stata (Version 18)
All code is written for compatibility with Stata 18 and subsequent versions.
No additional user-written packages are required for basic replication.

4. Data Access and Restrictions
The financial, governance, and ownership indicators obtained from the CSMAR (China Stock Market & Accounting Research) database are not included in this package due to data access restrictions. Researchers wishing to replicate the paper fully are encouraged to seek access from the relevant institutions or purchase a subscription to the CSMAR database.