Private enterprises are susceptible to the maturity mismatch problem of short-term borrowing and long-term investment due to the prevalence of financing constraints.This article adopts the data of A-share listed private enterprises from 2014-2022 to study the mechanism and effect of structural monetary policy's influence on private enterprises'short-term borrowing and long-term investment through commercial bank credit rewiring,and the results show that:(1)The structural mone-tary policy support for small-and micro-enterprises loans and rediscounting tools can significantly inhibit the private enterprises'short-term borrowing and long-term investment,and make the mismatch de-crease by 14.34％,and the suppression conclusion still holds after a series of robustness and endoge-neity tests.(2)The mechanism test shows that structural monetary policy tools cause commercial banks to reallocate credit funds through liquidity compensation,cost compensation,and competition mechanism,and influence the term substitution of enterprise credit demand through capital cost and optimized investment,thus suppressing private enterprises'short-term borrowing and long-term investment.(3)Heterogeneity analysis finds that structural monetary policy tools have a better inhibiting effect on enterprises in areas with perfect information infrastructure and light government debt burden,enterprises with low collateral abundance,and enterprises with strong demand for growth-ori-ented investment.Further analysis finds that although the moderating effect of the regulatory assessment enhances the effect of the policy tools,its role as a non-market force also exacerbates the risk taking of commercial banks.
Structural monetary policyShort-term borrowing and long-term investmentRisk taking
NETL
NSTL
万方数据
