2024-08-18
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1. Document Name:2023-2003 Listed Company Chain Shareholder Index Data
2. Calculation method:Referring to the research of Professor Pan Yue (2020) in the top journal "China Industrial Economy", the chain shareholder index (Cross) is constructed based on the following steps:
At the quarterly level, shareholders with a shareholding ratio of no less than 5% are retained. The reason why 5% is chosen as the threshold is that previous literature generally believes that shareholders holding more than 5% may have a significant impact on the company's governance and operations, and 5% is also an important equity threshold in relevant Chinese laws and regulations;
In each quarter, calculate how many major shareholders of each company are also major shareholders of other companies in the same industry
For the above-mentioned number of interlocking shareholders at the quarterly level, calculate its annual average and add 1 to take the logarithm.
Among them, the industry is classified according to the classification standards of the China Securities Regulatory Commission in 2012, with manufacturing subdivided into secondary codes and non-manufacturing enterprises subdivided into primary codes.
Two robustness tests for replacing independent variables:
Dummy variable Cross_Dum: If the enterprise has chain shareholders in the current year, the value is 1, otherwise it is 0
The cross-shareholder shareholding ratio (Cross_Share) is used as a proxy variable for cross-shareholders. The specific calculation method is: for each enterprise, calculate the sum of the proportion of its shares held by cross-shareholders on a quarterly basis, and then calculate the annual average.