Definition of all variables
| Variable | |
| Variables related to collateral monetary policy | |
| CODCR | Monetary base injected by collateral monetary policy/Total monetary base |
| MLFR | Monetary base injected by MLF/Total monetary base |
| nonMLFR | CODCR-MLFR |
| Shadow banking system variables | |
| SBR | The money created by shadow banking system/M2 |
| Variables related to bank risk variables | |
| Bank risk | The spread of NCDs: the NCD yield - the treasury yield |
| For investigating the driving role of shadow banking | |
| Treasury_yield | the 1-year treasury yield |
| dM1_M2 | the difference of M1 growth and M2 growth |
| TreasuryIssueR | the ratio of new issued treasury to total monetary base |
| FER | the ratio of foreign exchange to total monetary base |
| gM2 | The M2 growth |
| CPI | Consumer Price Index |
| NIM | The net interest margins of the banking system |
| GREI | |
| lnFE | The log value of foreign exchange reserve |
| gTrade | The growth of import and export trade |
| exchangerate | The USD/RMB exchange rate |
| dr007 | 7-day depository repurchase rate |
| giav | The Cumulative Year-on-Year Growth of Real Estate Development Investment in China |
| lnstockfin | The log value of finance from stock market |
| For investigating the role of CMP and shadow banking in bank risk | |
| lnTA | The log value of bank asset size |
| profit | The return of asset |
| CAR | Capital adequacy ratio |
| RWAR | Risk-weighted asset ratio |
| LDR | Loan/deposit |
| LEV | Equity/asset |
| NPL | Non-performing loan ratio |
| shareholderratio | The large shareholder’s shareholding ratio |
| board | The board size |
| iboard | The idependent board ratio |
| provisioncoverage | NPL Provisioning Coverage Ratio |
| EPU1 | Economic policy uncertainty in China |
| CPIEG | Cumulative Year-over-Year Growth of Total Profits of Industrial Enterprises Above Designated Size in China |
| a_hs300return | The return of hs300 stock index |
| dr007 | 7-day depository repurchase rate |
| gM2 | The growth of M2 |
| Variable | |
| CODCR | Monetary base injected by collateral monetary policy/Total monetary base |
| MLFR | Monetary base injected by MLF/Total monetary base |
| nonMLFR | CODCR-MLFR |
| SBR | The money created by shadow banking system/M2 |
| Bank risk | The spread of NCDs: the NCD yield - the treasury yield |
| Treasury_yield | the 1-year treasury yield |
| dM1_M2 | the difference of M1 growth and M2 growth |
| TreasuryIssueR | the ratio of new issued treasury to total monetary base |
| FER | the ratio of foreign exchange to total monetary base |
| gM2 | The M2 growth |
| CPI | Consumer Price Index |
| NIM | The net interest margins of the banking system |
| GREI | |
| lnFE | The log value of foreign exchange reserve |
| gTrade | The growth of import and export trade |
| exchangerate | The USD/RMB exchange rate |
| dr007 | 7-day depository repurchase rate |
| giav | The Cumulative Year-on-Year Growth of Real Estate Development Investment in China |
| lnstockfin | The log value of finance from stock market |
| lnTA | The log value of bank asset size |
| profit | The return of asset |
| CAR | Capital adequacy ratio |
| RWAR | Risk-weighted asset ratio |
| LDR | Loan/deposit |
| LEV | Equity/asset |
| NPL | Non-performing loan ratio |
| shareholderratio | The large shareholder’s shareholding ratio |
| board | The board size |
| iboard | The idependent board ratio |
| provisioncoverage | NPL Provisioning Coverage Ratio |
| EPU1 | Economic policy uncertainty in China |
| CPIEG | Cumulative Year-over-Year Growth of Total Profits of Industrial Enterprises Above Designated Size in China |
| a_hs300return | The return of hs300 stock index |
| dr007 | 7-day depository repurchase rate |
| gM2 | The growth of M2 |
Source(s): The table is created by authors