将下面改写的学术、精炼一点We selects Chinese A-share listed companies as the initial sample and use 1 January 2011 to 31 December 2019 as the inspection period Region-level control variable data are taken from Chi

We choose Chinese A-share listed companies as the initial sample for our study, covering the period from 1 January 2011 to 31 December 2019. Regional control variables are obtained from the China Urban Statistical Yearbook, while the remaining data, including basic information, financial data, and market transaction data, are sourced from the CSMAR and Wind databases.