Impact of Climate Policy Uncertainty on Corporate Investment-Financing Maturity Mismatch: Evidence from China

This data correlates the annual climate policy uncertainty index with financial data of publicly listed companies in China. To avoid the influence of the 2006 changes in Chinese Corporate Accounting Standards on the research topic, we select A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as the research sample. Financial data for the listed companies is mainly sourced from the China Stock Market & Accounting Research (CSMAR) database. The climate policy uncertainty index is derived from Ma et al. (2023), which constructs the index based on text analysis of mainstream Chinese newspapers. Furthermore, the initial data was processed as follows: (1) excluding financial industry samples; (2) excluding samples labeled 'ST' or 'PT'; (3) excluding samples with leverage ratios above 1 or below 0; (4) excluding samples with significant data omissions. Ultimately, the study obtained 36,067 firm-year observations from 3,540 listed companies. To mitigate the influence of extreme values on the regression results, all continuous variables we used were winsorized at the 1% level at both ends. The specific variables and their corresponding data sources are listed below.