The Spillover Effects of the Federal Reserve's Monetary Policy on the Debt Risk of China's Non-Financial Enterprises
Based on the micro-data of China's listed non-financial enterprises from 2003 to 2020,this paper investi-gates the spillover effect of the U.S.monetary policy adjustment on the debt risk of China's non-financial enterprises.The em-pirical study shows that U.S.monetary policy adjustment will impact the debt burden of Chinese non-financial enterprises through financing costs,financing constraints,leverage ratio and"short-term debt for long-term use".The wide-range of implementation of China's deleveraging policy mix and the promotion of financial marketization can help smooth the impact of Fed monetary policy on the debt risk of China's non-financial enterprises.Furthermore,the spillover effect of the monetary policy adjustment on the debt risk of different types of non-financial enterprises in China is significantly different.Tight mon-etary policy will accelerate the rise in debt risk of private enterprises,manufacturing enterprises and SMEs.
Monetary PolicyNon-Financial EnterprisesLeverage RatioShort-Term Debt for Long-Term UseDebt Risk
万方数据
维普
