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

Table 4

Regression results of capital structure, monetary policy, and fiscal policy.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Debtrate	Debtrate	Debtrate	Debtrate	Debtrate	Debtratet	Debtrate	Debtrate
Mon1	−0.072			−0.061			−0.067
	(0.0413)			(0.0298)			(0.0385)
Mon2		0.185			0.358			0.230
		(0.0120)			(0.0197)			(0.0209)
Fin			0.271			0.410	0.403	0.337
			(0.0159)			(0.0179)	(0.0224)	(0.0191)
Stru				0.0172	0.0137	0.0405	0.0417	0.0361
				(0.00298)	(0.00302)	(0.00324)	(0.00585)	(0.00326)
GDPgrow				0.658	0.739	0.363	0.271	0.282
				(0.0375)	(0.0459)	(0.0521)	(0.0514)	(0.0525)
Inasset_lag				0.0410	0.0307	0.0316	0.0417	0.0343
				(0.00245)	(0.00105)	(0.00104)	(0.00103)	(0.00106)
Nontax_lag				−0.744	−0.766	−0.719	−0.689	−0.728
				(0.0872)	(0.0957)	(0.0954)	(0.1025)	(0.0953)
Profit_lag				−0.512	−0.457	−0.472	−0.394	−0.482
				(0.0142)	(0.0128)	(0.0128)	(0.0174)	(0.0128)
Grow_lag				−0.0017	−0.00163	−0.00178	−0.00157	−0.00165
				(0.00021)	(0.000204)	(0.000203)	(0.000194)	(0.000203)
Tang_lag				−0.0172	−0.0191	−0.0193	−0.0199	−0.0201
				(0.00924)	(0.00851)	(0.00849)	(0.00960)	(0.00847)
Constant	0.416	0.425	0.412	−0.319	−0.204	−0.176	−0.249	−0.252
	(0.00204)	(0.00183)	(0.00241)	(0.0278)	(0.0252)	(0.0244)	(0.0266)	(0.0253)
Observations	41,569	41,569	41,569	37,774	37,774	37,774	37,774	37,774
R-squared	0.006	0.006	0.008	0.182	0.189	0.194	0.189	0.197

, , and in the table represent significance at 1%, 5%, and 10% levels, respectively, and the values in brackets represent standard deviations.