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.本文的实证分析基于2007年至2022年全部A股上市公司数据集，数据取自CSMAR数据库。数据处理流程包含如下步骤：其一，鉴于金融类企业具有独特的财务特征与资产结构，故将其从样本中剔除；其二，样本期内被标记为ST或*ST（针对经营业绩异常的特别处理）的企业同样予以移除；其三，仅保留政策实施前后均拥有有效数据的企业；其四，为缓解异常值的干扰，对所有连续微观层面变量在1%与99%分位处进行缩尾处理。剔除关键变量缺失的样本后，最终数据集涵盖1860家企业共计25502个公司-年度观测值。其中，656家企业受到NEDC试点政策的影响，占总样本的35.27%。市级层面数据取自《中国城市统计年鉴》以及各省市统计年鉴。