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

Table 7

Robustness test of the relationship between monetary policy, fiscal policy, and capital structure (substitution variables).

Variables	(1)	(2)	(3)	(4)	(5)
	Debtrate	Debtrate	Debtratet	Debtratet	Debtratet
Mon3	0.154		0.277		0.231
	(0.0132)		(0.0193)		(0.0207)
Fin2		0.187		0.353	0.342
		(0.0168)		(0.0215)	(0.0147)
Constant	0.465	0.359	−0.216	−0.157	−0.198
	(0.00186)	(0.00172)	(0.0175)	(0.0242)	(0.0354)
Control variables	Not control	Not control	Control	Control	Control
Observations	41,569	41,569	37,774	37,774	37,774
R-squared	0.008	0.010	0.152	0.171	0.182