Financialization and human capital upgrading

This dataset comprises Chinese non-financial A-share listed firms from 2011 to 2020. Employee data are obtained from the WIND database, while financial data are primarily sourced from the China Stock Market & Accounting Research (CSMAR) database. The sample is refined through the following steps: (1) excluding firms under special treatment (ST and ST*) status; (2) excluding firms listed after 2017 to mitigate the impact of IPO events; (3) removing observations with excessive missing values for key variables; and (4) winsorizing all continuous variables at the 1% and 99% levels to reduce the influence of outliers. After these adjustments, the final dataset consists of 15,911 firm-year observations.