Data for: Research on the impact of low-carbon city pilot policy on green total factor productivity of manufacturing enterprises
Description
1. Hypotheses： H1: The LCCP policy can enhance the green total factor productivity (GTFP) of manufacturing firms. H2: The LCCP policy can improve manufacturing firms' GTFP by promoting green technology innovation. H3: The LCCP policy can improve manufacturing firms' GTFP by alleviating financing constraints. H4: Ceteris paribus, the stronger the market power of a firm, the weaker the positive effect of the LCCP policy on its GTFP. 2. Dataset Content This dataset is an unbalanced panel of Chinese manufacturing listed firms from 2007 to 2027, covering all three batches of the Low-Carbon City Pilot (LCCP) policy (2010, 2012, 2017). 3. Variables The dependent variable is green total factor productivity (GTFP), measured using the super-efficiency EBM-GML index. The core explanatory variable is the LCCP policy dummy interaction term (treat × time), where treat indicates whether a firm is located in a pilot city, and time is a dummy variable for the post-policy period. The mediating variables are green technology innovation and financing constraints. The moderating variable is market power. Control variables include firm size (Size), ownership type (SOE), leverage ratio (Lev), return on equity (ROE), liquidity ratio (Liquid), revenue growth rate (Growth), shareholding ratio of the top five shareholders (Top5), and management expense ratio (Mfee). 4. Data Sources and Methodology Firm-level data are mainly sourced from the Wind, CSMAR, CNRDS databases, and annual reports of listed companies. City-level data are obtained from the China City Statistical Yearbook. The baseline model is a staggered difference-in-differences (DID) model with firm and year fixed effects. The dataset also supports mechanism tests and heterogeneity analyses by equity balance, ownership nature, and pollution intensity. 5. Key Findings The LCCP policy significantly enhances the GTFP of manufacturing firms, and this effect operates through two pathways: promoting green technology innovation and alleviating financing constraints. Market power negatively moderates the policy effect. Moreover, the policy effect is more pronounced among firms with higher equity balance, state-owned enterprises (SOEs), and firms in heavily polluting industries.