This table shows summary statistics of variables used in the econometric analysis.
Trade payables is the ratio of a firm’s trade payables to total assets in year t.
Trade payables growth is (a firm’s trade payables in year t −trade payables in year t−1)/total assets in year t−1.
Trade receivables is the ratio of a firm’s trade receivables to total
sales in year t.
Trade receivables growth is (a firm’s trade receivables in year t
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trade receivables in year t
−
1)/total assets in year t
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1. Bank loans is the ratio of a firm’s
total loans to total assets in year t. Bank loans growth is defined as (a firm’s total borrowings in year t
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total borrowings in year t
−
1)/total assets in year t
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1. Guarantee is
a dummy variable that has a value of one if a firm satisfies the requirements of the ECG program. Firm scale is the natural log of (total assets) in year t
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1. Firm age is the
natural log of (1+ firm age) in year t. Leverage is the book value of debt divided by the book value of assets in year t
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1. ROA is the ratio of the sum of a firm’s operating
income, interest receivables, and dividends to total assets. Sales growth is (a firm’s sales in year t
−
sales in year t
−
1)/sales in year t
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1. Collateralizable assets is the ratio of
tangible fixed assets to total debts in year t
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1. The current asset ratio is the ratio of current assets, excluding cash, to total assets in year t
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1. Interest rate is the ratio of a
firm’s interest expenses to the sum of its short-term debt, long-term debt, and discounted bills receivable for each year in year t
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1.