Zombie Firms and the Upgrading of Businesses in China —Evidence from Chinese Listed Firms

This is the data in the paper "Zombie Firms and the Upgrading of Businesses in China —Evidence from Chinese Listed Firms."
by Yong Qi, Shuo Yang and Yudi Yang.The sample data of this study is comprised of data from Chinese A-share listed companies between 2008 and 2017. TFP_OP and TFP_LP represent the level of firm upgrading. zombieratio represents the proportion of zombie firms in an industry using the revised identification method.The firm control variables are size (the natural logarithm of the employees), age (the natural logarithm of the year of listing), growth (income growth rate), lev (asset-liability ratio), stockratio (shareholdings of the top ten shareholders), and cashflow (net cash flow from business activities / business income). The industry control variables are sales (growth rate of industrial sales), and wage (growth rate of industrial average wage). The province control variables are firstgdp (contribution to GDP by the primary industry), secondgdp (contribution to GDP by the secondary industry), and pergdp (GDP per capita).