Monetary Policy, Fiscal Policy, and Capital Structure Dynamic Adjustment: Evidence from Chinese Listed Companies

Table 1

Variable declarations.

Type	Name	Code	Explanation
Explained variable	Capital structure	debtrate	Total liability/ Total asset
Explaining variables	Monetary policy	Mon1; Mon2	1-year loan rate year-on-year growth rate of M2
	Fiscal policy	Fin	Growth rate of fiscal expenditure
Control variables	Firm size	lnasset	The natural log of total assets
	Nondebt tax shield	nontax	(Accumulated depreciation + Deferred expenses + Deferred assets)/Total asset
	Profitability	profit	Net profit/Total asset
	Growth	grow	Sales growth rate
	Tangible assets	tang	Fixed assets/Total assets
	Economic growth rate	GDPgrow	GDP growth rate
	Financial structure	stru	Total stock market value/ Total loans from financial institutions