	Variable name	Variable meaning	mean	sd	max	min	number of observations
kernel variable	tradecredit	Net loan receivable/sales of (%)	26.922	30.486	255.195	0.000	16,063
	USMP	US shadow interest rates	0.410	2.166	6.283	−2.736	16,063
	FDI	The FDI enterprise dummy variable	0.059	0.236	1.000	0.000	16,063
Enterprise feature variable	SA	Enterprise financing constraints	2.675	2.879	15.820	−2.495	16,063
Enterprise feature variable	RZ	Industry external financing dependence degree	5.003	30.503	171.158	−108.738	5353
National feature variable	m²	Host country m² growth rate	11.827	8.201	72.736	−10.538	16,063
	kaopen	Capital account openness	0.348	0.252	1.000	0.000	16,063
	erf	Elasticity of exchange rate	0.531	0.254	0.954	0.000	16,063
	fd	Financial development degree	0.514	0.135	0.668	0.134	16,063
Enterprise-level control variables	size	Scale	20.698	2.679	30.131	15.630	16,063
	age	Enterprise establishment years	2.918	0.876	4.736	0.693	16,063
	profit	Profit margin	8.104	17.601	60.960	−66.560	16,063
	lev	Financial leverage ratio	78.704	105.990	640.430	0.090	16,063
	current	Current ratio	1.931	2.071	20.050	0.150	16,063
Control variables at the national level	reer	Real effective exchange rate	0.104	6.313	15.387	−20.137	16,063
	rgdp	Real GDP growth rate	4.996	3.250	11.467	−5.130	16,063
	e	The residual difference of interest rates on shadow rates	−0.794	3.015	17.670	−4.395	16,063
Other dependent variables	day 1	Days of receivables turnover	90.990	95.033	485.650	0.180	16,063
	day 2	Accounts payable turnover days	64.315	83.466	1420.810	0.000	16,063
	receiveble	Accounts receivable/sales volume (%)	29.749	34.842	300.012	0.090	16,063
	payable	Accounts payable/Sales volume (%)	2.541	6.071	53.672	0.000	16,063
	cost	Debt financing costs	3.275	2.900	18.934	0.000	14,119
	loan	Bank advance	0.119	0.119	0.706	0.000	16,063
State regulation measures	imapp	Macro-prudential policy	2.410	2.501	13.000	−7.000	16,063
	ka	Capital control	0.714	0.232	1.000	0.000	14,315
	fxi	Foreign exchange intervention	0.505	4.593	23.194	−9.830	15,796