PLD | 19,965 | 0.6710 | 0.4698 | 0 | 1 |
PLR | 19,965 | 0.6032 | 0.3732 | 0 | 1 |
M2 | 19,965 | 0.1076 | 0.0290 | 0.081 | 0.1732 |
Rrr | 19,965 | 0.1656 | 0.0248 | 0.125 | 0.205 |
Size | 19,965 | 21.8787 | 1.1448 | 17.3882 | 28.0554 |
Roa | 19,965 | 0.0283 | 0.1182 | −4.9465 | 8.2772 |
Lev | 19,965 | 0.4018 | 0.2026 | 0.0080 | 3.9191 |
Growth | 19,965 | 1.9391 | 149.0272 | −1.3092 | 14,883.06 |
Cash | 19,965 | 0.1881 | 0.2995 | −0.02092 | 11.9338 |
Top1 | 19,965 | 29.1268 | 12.8843 | 2.197 | 89.99 |
Age | 19,965 | 2.0663 | 0.7713 | 0 | 3.7136 |
GDP | 19,965 | 0.0702 | 0.0218 | −0.05 | 0.164 |
CPI | 19,965 | 0.0224 | 0.0075 | 0.005667 | 0.06334 |
FI | 19,965 | 8.9723 | 3.3710 | −1.21 | 20.69 |
Explained variables | Dummy variable of major shareholder stock pledge | If there is major shareholder stock pledge at the end of the year, PLD equals to 1; otherwise it is 0 | |
The proportion of major shareholder stock pledge | The ratio of pledged stocks to the whole stocks owned by major shareholders at the end of the year | ||
Explanatory variable | Quantitative monetary policy | The growth rate of M2 yearly | |
Price monetary policy | Statutory reserve ratio | ||
Control variable | Enterprise size | Natural logarithm of corporate total assets | |
Profit index | Net profit/total assets at the end of the year | ||
Risk index | Total liability/total assets | ||
Growth index | Current sales revenue/previous sales revenue-1 | ||
Cash flow ratio | Cash and cash equivalents at the end of the period/total assets | ||
Equity structure | The shareholding ratio of the largest shareholder | ||
GDP growth | Regional GDP growth (by province) | ||
CPI | Regional CPI (by province) | ||
Financial index | Regional financial index constructed as H.H Yu et al. (2010) |
M2 | −1.252 |
−0.704 |
||
(−9.36) | (−7.71) | |||
Rrr | 1.091 |
1.444 |
||
(8.53) | (10.07) | |||
Firm characteristics | Control | Control | Control | Control |
Regional characteristics | Control | Control | Control | Control |
Constant | 0.875 |
0.992 |
0.682 |
0.296 |
(10.47) | (11.11) | (11.92) | (4.86) | |
19,965 | 19,965 | 19,965 | 19,965 | |
Adj- |
0.023 | 0.022 | 0.115 | 0.116 |
M2 | −1.035*** | ||||
(−10.98) | |||||
Rrr | 0.907*** | 1.404*** | 0.896*** | 1.224*** | |
(6.98) | (7.95) | (7.95) | (7.65) | ||
IMR | 0.062 | ||||
(0.256) | |||||
Firm characteristics | Control | Control | Control | Control | Control |
Regional characteristics | Control | Control | Control | Control | Control |
Constant | −0.176*** | −0.046*** | 0.216*** | 0.226*** | 0.242*** |
(−2.73) | (−2.63) | (3.34) | (3.38) | (3.32) | |
19,965 | 19,965 | 13,739 | 10,452 | 13,739 | |
Adj- |
0.245 | 0.210 | 0.186 | 0.324 | 0.224 |
M2 | −0.705*** | −0.659*** | ||
(−3.67) | (−6.89) | |||
Rrr | 2.084*** | 1.384*** | ||
(8.04) | (7.72) | |||
Firm characteristics | Control | Control | Control | Control |
Regional characteristics | Control | Control | Control | Control |
Constant | 0.832*** | 0.438*** | 0.617*** | 0.148* |
(9.37) | (4.64) | (8.05) | (1.79) | |
13,947 | 13,947 | 6,018 | 6,018 | |
Adj- |
0.151 | 0.158 | 0.091 | 0.092 |
M2 | −0.641 |
−0.579 |
||
(−6.87) | (−1.80) | |||
Rrr | 1.635 |
0.114 | ||
(11.12) | (0.24) | |||
Firm characteristics | Control | Control | Control | Control |
Regional characteristics | Control | Control | Control | Control |
Constant | 0.502 |
0.0857 | 1.141 |
1.019 |
(8.45) | (1.36) | (6.32) | (5.11) | |
19,004 | 19,004 | 961 | 961 | |
Adj- |
0.135 | 0.138 | 0.059 | 0.056 |
M2 | −0.853*** | 0.025 | −0.859*** | |||
(−8.76) | (0.82) | (−8.84) | ||||
FV | 0.227*** | 0.215*** | ||||
(9.54) | (9.02) | |||||
Rrr | 1.420*** | 0.332*** | 1.349*** | |||
(9.26) | (6.89) | (8.81) | ||||
Firm characteristics | Control | Control | Control | Control | Control | Control |
Regional characteristics | Control | Control | Control | Control | Control | Control |
Constant | 0.720*** | −0.320*** | 0.793*** | 0.305*** | −0.377*** | 0.386*** |
(11.78) | (−16.65) | (12.90) | (4.68) | (−18.44) | (5.88) | |
17,775 | 17,775 | 17,775 | 17,775 | 17,775 | 17,775 | |
Adj. |
0.113 | 0.440 | 0.117 | 0.113 | 0.441 | 0.117 |
226.01*** | 1,380.22*** | 215.24*** | 228.38*** | 1,392.90*** | 215.85*** | |
Sobel Z | 0.022** | 0.090*** |
2021.12.31 | 2,517 | 19.6 | 4.87 | 419.827 | 4.18 |
2020.12.31 | 2,674 | 24.3 | 5.90 | 490.327 | 4.31 |
2019.12.27 | 3,081 | 43.5 | 7.97 | 580.629 | 4.58 |
2018.12.28 | 3,434 | 96.8 | 9.76 | 634.512 | 4.23 |
2017.12.29 | 3,433 | 252.4 | 10.86 | 568.117 | 6.15 |
2016.12.30 | 2,993 | 172.5 | 10.69 | 442.992 | 5.40 |
2015.12.31 | 2,774 | 117.8 | 9.30 | 297.83 | 4.93 |
2014.12.31 | 2,545 | 51.2 | 6.94 | 216.690 | 2.58 |
M2 | −0.710*** | −0.726*** | ||
(−5.77) | (−5.44) | |||
Rrr | 1.533*** | 1.181*** | ||
(8.00) | (5.56) | |||
Firm characteristics | Control | Control | Control | Control |
Regional characteristics | Control | Control | Control | Control |
Constant | 0.642*** | 0.311*** | 0.713*** | 0.323*** |
(7.57) | (3.44) | (9.30) | (3.97) | |
11,128 | 11,128 | 8,837 | 8,837 | |
Adj- |
0.118 | 0.118 | 0.113 | 0.115 |