Establishment of a Personal Data Protection System and Corporate Innovation

The Personal Information Protection Law was officially implemented in China in November 2021. Although relevant laws and regulations for guidance exist, establishing this system in enterprises was voluntary. Therefore, we select listed A-share companies in the Shanghai and Shenzhen Stock Exchange from 2008 to 2020 to constitute the initial sample and carry out the following processes: (1) exclude the financial and insurance industry, (2) exclude samples of abnormal companies (e.g., special treatment), and (3) exclude samples of companies with asset-liability ratios greater than 1. All continuous variables were winsorized at the 1% level to avoid the influence of outliers. Finally, 9,285 annual company observations were obtained.

《个人信息保护法》于2021年11月在中国正式施行。尽管存在指导性的相关法律法规，但企业在建立此系统时仍属于自愿行为。鉴于此，我们选取了2008年至2020年间在上海证券交易所和深圳证券交易所上市的A股公司作为初始样本，并执行以下流程：（1）排除金融和保险行业，（2）排除异常公司样本（例如，特殊处理），以及（3）排除资产负债率超过1的公司样本。对所有连续变量进行了1%水平的winsorization处理，以避免异常值的影响。最终，获得了9,285个年度公司观察数据。