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

Table 5

Regression results of speed of capital structure adjustment and monetary policy.

Variables	Total sample	Total sample	High financing constraints	High financing constraints	Low financing constraints	Low financing constraints
Debtrate_lag	0.472	0.519	0.565	0.560	0.463	0.445
	(0.0157)	(0.0129)	(0.0197)	(0.0206)	(0.0182)	(0.0174)
Debtrate_lag × Mon1	0.371		0.428		0.527
	(0.205)		(0.252)		(0.314)
Debtrate_lag × Mon2		−0.775		−0.441		−0.947
		(0.0814)		(0.127)		(0.112)
Constant	−0.286	−0.247	0.104	−0.169	0.117	−0.226
	(0.0223)	(0.0206)	(0.0214)	(0.0341)	(0.0305)	(0.0288)
Control variables	Control	Control	Control	Control	Control	Control
Observations	37,774	37,774	15,966	15,966	21,808	21,808
R-squared	0.467	0.496	0.448	0.521	0.431	0.420

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