Monetary Policy,Corporate heterogeneity and Debt maturity structure
Based on quarterly data of A-share listed companies from 2007 to 2022,this study investigates the impact of monetary policy shocks on the debt maturity structure of enterprises.The research reveals that under a contractionary monetary policy shock,there is a notable adverse effect on the debt maturity structure of businesses.However,this effect isn't immediate;it becomes appar-ent only in the first quarter following the shock.Furthermore,over time,the declining trend exhibits a U-shaped pattern—initially increasing and then decreasing.From the perspective of financing con-straints,companies facing more significant financing constraints experience greater impact on their debt maturity structure when monetary policy shocks occur,and this impact endures for a longer duration.From an industry perspective,capital-intensive and labor-intensive industries demonstrate greater sensitivity to monetary policy shocks regarding their impact on debt maturity structure com-pared to technology-intensive industries.These findings enhance the understanding of how monetary policy influences debt maturity structure and provide beneficial insights for shaping related policies.
NETL
NSTL
万方数据
