Digital Supply Chains and Firm Market Performance: Evidence from a Quasi-Natural Experiment in China

In this paper, the initial sample consists of all Chinese A-share listed companies from 2014 to 2022. This time range is chosen primarily to ensure an adequate number of observations for four years before and after the initiation of the supply chain reform (2018), satisfying the data requirements for pre-post policy analysis. In order to enhance the reliability of the sample, this paper refers to existing research and preprocesses the raw data as follows: (1) eliminate the financial industry firms; (2) eliminate insolvent listed companies; (3) eliminate listed companies with abnormal financial indicators, such as greater than 1 or less than -1; (4) eliminate observations from secondary industries with fewer than 15 listed companies; (5) to mitigate the potential interference of individual outliers on the results, all continuous variables are winsorized at the 1% level before and after. Our final sample consists of 29,309 firm-year observations. The raw firm-level data are mainly retrieved from the CSMAR database, of which the data on corporate overseas income are from the Wind database.