Table 1 Sample Distribution.

Panel A Distribution by year (enterprise-year observations)
Year	Full sample	Non-high-tech enterprises	High-tech enterprises
			All	Real HTE		Pseudo HTE
			All	Obs	%	Obs		%
2008	996	656	340	316	93	24		7
2009	1052	597	455	407	89	48		11
2010	1078	575	503	430	85	73		15
2011	1388	677	711	551	77	160		23
2012	1645	706	939	650	69	289		31
2013	1841	777	1064	758	71	306		29
2014	1856	851	1005	744	74	261		26
2015	1971	874	1097	813	74	284		26
2016	2164	926	1238	965	78	273		22
2017	2349	1035	1314	954	73	360		27
2018	2761	1138	1623	1219	75	404		25
2019	2815	1139	1676	1301	78	375		22
2020	2917	1144	1773	1499	85	274		15
Total/Average	24,833	11,595	13,238	10,107	76	3131		24
Panel B Distribution by industry (enterprise-year observations)
CSRC code	Code name		Full sample	Non-high-tech enterprises	High-tech enterprises
					All	Real HTE			Pseudo HTE
					All	*Obs*	%		*Obs*	%
A	Agriculture		407	348	59	51	86		8	14
B	Mining		674	556	118	98	83		20	17
C1	Food and beverage manufacturing		1917	1366	551	393	71		158	29
C2	Apparel and paper manufacturing		5256	2115	3141	2301	73		840	27
C3	Machine manufacturing		10,297	3305	6992	5313	76		1679	24
C4	Other manufacturing		520	110	410	363	89		47	11
D	Utilities		975	929	46	41	89		5	11
E	Construction		754	439	315	150	48		165	52
G	Transportation		943	902	41	38	93		3	7
I	Information technology		1709	510	1199	1112	93		87	7
M	Science and technology services		241	63	178	123	69		55	31
N	Water and environmental protection		345	225	120	74	62		46	38
R	Culture, sports, and entertainment		372	335	37	25	68		12	32
S	Comprehensive service		321	300	21	19	90		2	10
Others			102	92	10	6	60		4	40
Total/Average			24,833	11,595	13,238	10,107	76		3131	24

The sample spans the period from 2008 to 2020. We exclude the non-high-tech industries if the MD&A section in annual reports is less than 100 words. Panel A shows the sample distribution for real high-tech enterprises, pseudo-high-tech enterprises, and non-high-tech enterprises by year. Panel B shows the sample distribution by industry sector. All variables are defined in Appendix A.

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