Interest Rate Liberalization and Firm Leverage in China: Effects and Channels

Table 1

Descriptive statistics of key variables.

Variable	N	Mean	Std. dev	Min	Median	Max
Lev	17956	0.464	0.218	0.047	0.467	1.011
Slev	17956	0.377	0.194	0.035	0.361	0.951
Llev	17956	0.088	0.108	0.000	0.042	0.488
Irlib1	17956	0.733	0.061	0.673	0.735	0.806
Irlib2	17956	0.747	0.104	0.603	0.760	0.869
Size	17956	21.917	1.282	19.232	21.765	25.925
ROA	17956	0.057	0.066	−0.254	0.054	0.253
MB	17956	2.431	1.676	0.883	1.915	10.978
NDTS	17956	0.025	0.017	0.001	0.022	0.079
PPE	17956	0.237	0.174	0.002	0.202	0.731
Cflow	17956	0.042	0.077	−0.197	0.042	0.249
Capex	17956	0.057	0.053	0.000	0.041	0.249
Grow	17956	0.145	0.331	−0.966	0.131	1.582
Meci	17956	4.626	0.018	4.604	4.632	4.653