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).本数据集来自戚勇、杨硕、杨玉迪合著的学术论文《僵尸企业（zombie firms）与中国企业升级——基于中国A股上市公司的经验证据》。本研究的样本数据取自2008年至2017年的中国A股上市公司。全要素生产率（Total Factor Productivity）OP法（TFP_OP）与LP法（TFP_LP）用以衡量企业升级水平。僵尸企业占比（zombieratio）采用修正后的识别方法测算，用以反映行业内僵尸企业的占比。企业层面控制变量包括：企业规模（size，以员工总数的自然对数表征）、企业年龄（age，以上市年份的自然对数表征）、营收增长率（growth）、资产负债率（lev）、前十大股东持股比例（stockratio）以及经营活动净现金流与营业收入的比值（cashflow）。行业层面控制变量包括：工业销售额增长率（sales）与工业平均工资增长率（wage）。省级层面控制变量包括：第一产业GDP贡献占比（firstgdp）、第二产业GDP贡献占比（secondgdp）以及人均GDP（pergdp）。