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1. document name:data on the degree of financialization of listed companies (finratio) and the transition of real enterprises from the real economy to the virtual economy from 2021 to 2007

2. calculation instructions:referring to the research of professor du yong (2019) in "china industrial economy", the ratio of financial assets to total assets is used to define corporate financialization. the definition of financial assets in this article is different from the provisions of financial assets in the enterprise accounting standards. the specific differences are as follows: the definition of financial assets does not include monetary funds. because the purpose of enterprises holding monetary funds is mostly for daily production and operation of the enterprise, and it does not bring capital appreciation to the enterprise, the financial assets in this article exclude them. the definition of financial assets includes investment real estate. this is because the real estate industry is developing rapidly at this stage, and the purpose of many companies holding investment real estate has changed from self-use to profit-seeking, which is consistent with the definition of financial assets in this article, so it is included.

there are four effective indicators in total, which can be used as core variables or robustness tests. the specific indicators are as follows:

(1) financialization degree of the enterprise (finratio) = (trading financial assets + derivative financial assets + net loans and advances + net available-for-sale financial assets + net held-to-maturity investments + net investment properties) / total assets

(2) in order to provide a more comprehensive description of financialization, a dummy variable (finratio) is introduced as a proxy variable for corporate financialization, that is, whether the company has purchased trading financial assets, derivative financial assets, available-for-sale financial assets, held-to-maturity investments, investment properties, and whether there are any loans or advances.