New Energy Development and Labor Income Share：Can We Have Our Cake and Eat It Too?

The empirical analysis in this paper is based on a dataset comprising all A-share listed companies from 2007 to 2022, obtained from the CSMAR database. The data processing involved several steps: First, financial firms were excluded from the sample due to their distinct financial characteristics and asset structures. Second, companies flagged as ST or *ST (special treatment for abnormal business performance) during the sample period were also removed. Third, only firms with available data both before and after the policy implementation were included. Fourth, to mitigate the effect of outliers, all continuous micro-level variables were winsorized at the 1% and 99% thresholds. After removing entries with missing key variables, the final dataset includes 25,502 firm-year observations from 1,860 companies. Among these, 656 firms were impacted by the NEDC pilot policy, representing 35.27% of the total sample. City-level data were sourced from the China City Statistical Yearbook and the respective provincial and municipal statistical yearbooks.