Variable

proxy variable

symbol

calculation method

Explained variable

Bank credit dupply for small and medium-sized enterprises

Δ ln l o a n

Log growth rate of corporate bank loans

Bank loan interest rate for small and medium-sized enterprises

RL

Ratio of current loan interest expenditure to total loan amount

Explanatory variable

Quantitative monetary policy

QMP

obtained by weighted calculation according to the deposit reserve ratio and the proportion of deposit balance in total deposits of large financial institutions and small and medium-sized financial institutions

Price based monetary policy

PMP

calculated by time weighting according to the 7-day interbank offered rate

Digital transformation index of commercial banks

DLL

calculated according to the digital transformation index of commercial banks of Peking University and the loan balance of local commercial banks

Bank risk taking

Risk

Bank non-performing loan ratio

Variable of control

Enterprise size

SIZE

Logarithm of total assets at the beginning of the period

Corporate age

AGE

Take the logarithm after subtracting the year of establishment of the enterprise from the sample year

Return on net assets

ROE

Ratio of net profit to net assets

Operating cash flow

CF

Ratio of net cash flow from operating activities of the enterprise in the current year to total assets at the beginning of the period

Enterprise asset liability ratio

Lever

Ratio of total liabilities to total assets

Composition rate of current assets of enterprises

LIQ

Ratio of current assets to total assets of enterprises

Enterprise equity concentration

CRIO

Shareholding ratio of the top ten shareholders of the enterprise

Regional economic development level

GDP

Nominal GDP growth rate

Regional inflation

INF

Growth rate of consumer prices around the country