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

Table 10

Robustness test of the relationship between monetary policy, fiscal policy, and the speed of capital structure adjustment (GMM model).

Variables	Monetary policy						Fiscal policy
	Total sample	Total sample	High financing constraints	High financing constraints	Low financing constraints	Low financing constraints	Total sample	High financing constraints	Low financing constraints
Debtrate_lag	0.475	0.502	0.593	0.561	0.467	0.468	0.583	0.671	0.441
	(0.0165)	(0.0134)	(0.0259)	(0.0207)	(0.0196)	(0.0198)	(0.0125)	(0.0254)	(0.0147)
Debtrate_lag × Mon1	0.381		0.431		0.529
	(0.216)		(0.256)		(0.321)
Debtrate_lag × Mon2		−0.763		−0.442		−0.987
		(0.0925)		(0.123)		(0.156)
Debtrate_lag × Fin							−0.463	−0.0773	−0.576
							(0.06741)	(0.0944)	(0.0752)
Constant	−0.279	−0.258	0.113	−0.165	0.120	−0.234	−0.245	−0.125	−0.221
	(0.0235)	(0.0213)	(0.0285)	(0.0371)	(0.0317)	(0.0321)	(0.02324)	(0.0332)	(0.0476)
Control variables	Control	Control	Control	Control	Control	Control	Control	Control	Control
Observations	37,774	37,774	15,966	15,966	21,808	21,808	37,774	15,966	21,808
R-squared	0.452	0.442	0.475	0.523	0.442	0.421	0.472	0.501	0.439