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

Table 6

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

Variables	Total sample	High financing constraints	Low financing constraints
Debtrate_lag	0.571	0.642	0.512
	(0.00896)	(0.0161)	(0.0128)
Debtrate_lag × Fin	−0.474	−0.0722	−0.435
	(0.0584)	(0.0895)	(0.0965)
Constant	−0.314	−0.185	−0.157
	(0.0228)	(0.0298)	(0.0321)
Control variables	Control	Control	Control
Observations	37,774	15,966	21,808
R-squared	0.485	0.507	0.422

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