Fig 1.
Theoretical model diagram.
Table 1.
Variable definitions.
Table 2.
Descriptive statistics.
Table 3.
Descriptive statistics:under-investment sub-sample.
Table 4.
Descriptive statistics: over-investment sub-sample.
Table 5.
The effect of monetary policy on corporate investment efficiency.
Table 6.
Robustness test: monetary policy lagged one period.
Table 7.
Robustness test: omitted variables.
Fig 2.
Distribution of placebo test regression coefficients a.
The X-axis represents the distribution range of the placebo test coefficients for 500 trials, and the Y-axis represents the proportion of each coefficient distribution interval. The vertical line marks the position of the benchmark regression coefficient.
Fig 3.
Distribution of placebo test regression coefficients .
The X-axis represents the distribution range of the placebo test coefficients for 500 trials, and the Y-axis represents the proportion of each coefficient distribution interval. The vertical line marks the position of the benchmark regression coefficient.
Table 10.
Robustness test: alternative measure of debt maturity structure.
Table 8.
Robustness test: alternative measure of investment efficiency.
Table 9.
Robustness test: alternative measure of monetary policy.
Table 11.
Robustness test: exclude firms registered in Beijing, Shanghai, Shenzhen, and Guangzhou.
Table 12.
Robustness test: Kick out the samples during the financial crisis and the COVID-19.
Table 13.
Bank competition heterogeneity: high bank competition.
Table 14.
Bank competition heterogeneity: Low bank competition.
Table 15.
Heterogeneity of financing constraints: high financing constraints.
Table 16.
Heterogeneity of financing constraints: high financing constraints.