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1. 参考国际顶刊Administrative Science Quarterly ASQ的处理方法，如下。简单来说，处级及以上的高管背景才真正在发挥作用。
Political embeddedness. We hand-collected the re´ sume´ s of each listed firm’s chief executive officer (CEO), all other top executives (all those with ‘‘Chief’’ in their titles), and all directors from the website of Sina (finance.sina .com.cn), which publishes comprehensive information on Chinese listed firms. Because listed firms’ executives and directors changed over time, we collected these data for every year each firm was listed on a domestic stock exchange. We scrutinized each person’s re´ sume´ to determine whether he or she had served as a bureaucrat and, if so, at what rank (chief officer, deputy, etc.) and at what level in the official hierarchy. This hierarchy has six main levels: ministry (bu), department (ju), division (chu), section (ke), staff member (keyuan), and clerk (banshiyuan). We coded a firm’s political embeddedness as a binary indicator variable set to one in years when an executive or director of the focal firm had served as the chief officer or deputy chief officer at the division (chu) level or above, and zero otherwise. This threshold is commonly used in studies of Chinese bureaucrats (e.g., Zhou, 2000; Walder, 2004). Lower-level officials are not funded through the central fiscal system, so the division level indicates membership in the political elite, which in 1998 included roughly half a million individuals (Walder, 2004: 195) out of a total population of 1.25 billion that year—just four out of 10,000 Chinese people. Because the vast majority of high-level bureaucrats are Chinese Communist Party members, our measure captures a second aspect of political embeddedness. For robustness checks, we constructed two other measures: the number and the proportion of executives and directors who had served as the chief officer or deputy chief officer at the division (chu) level or above.
2. 当高管包含总经理和董事长的政治背景中的政治背景_行政层级出现多个级别时，我们取其最高级别。比如std-1, 姓名-段永宽，政治背景-5,17，我们取5。当然每个数字的代表高管政治背景的层级是不一样的。
政治背景_行政层级 - 1=国家级正职，2=国家级副职 ，3=省部级正职，4=省部级副职，5=厅局级正职，6=厅局级副职，7=县处级正职，8=县处级副职，9=乡科级正职，10=乡科级副职，11=巡视员，12=副巡视员，13=调研员，14=副调研员，15=主任科员，16=副主任科员，17=科员，18=办事员，98=无法确定行政级别，99=无政府背景。（若为人大代表、党代表等，则1=国家级，3=省级，5=市级，7=县级，9=乡级）。
3. 当数字小于或等于8时，我们将其界定为具有处级及以上背景的高管，取1，否则取0。
政治嵌入数据.zip
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