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).

本数据集源自Yong Qi、Shuo Yang与Yudi Yang合著的论文《中国僵尸企业与企业升级——来自中国上市公司的证据》（"Zombie Firms and the Upgrading of Businesses in China —Evidence from Chinese Listed Firms."）。本研究的样本数据涵盖2008年至2017年中国A股上市公司的相关数据。TFP_OP与TFP_LP用以表征企业升级水平；zombieratio指代采用修正识别方法测算的行业内僵尸企业占比。企业层面控制变量包含：size（员工总数的自然对数）、age（上市年份的自然对数）、growth（营收增长率）、lev（资产负债率）、stockratio（前十大股东持股比例）以及cashflow（经营活动净现金流/营业收入）。行业层面控制变量包含：sales（工业销售额增长率）与wage（行业平均工资增长率）。省级层面控制变量包含：firstgdp（第一产业对GDP的贡献占比）、secondgdp（第二产业对GDP的贡献占比）以及pergdp（人均GDP）。