Can New Monetary Policies Rectify the Maturity Mismatch of Corporate Financing and Investment:Empirical Evidence from the Medium-term Lending Facility Policy
This paper takes the establishment of the Medium-term Lending Facility(MLF)in 2014 and the expansion of collateral coverage in 2018 as quasi-natural experiments,systematically examining the impact and mechanism of new monetary policy under the col-lateral framework on the maturity mismatch of corporate financing and investment.Differ-ence-in-differences estimates show that after corporate bonds were included in the MLF col-lateral scope,the degree of maturity mismatch of corporate financing and investment sig-nificantly decreased by 6.67％,and this conclusion was further confirmed under the"fixed asset investment-short-term debt"framework and various robustness checks.Heterogeneity analysis finds that the above effect is more pronounced for companies with strong investment demand and those in regions with low credit availability.Mechanism tests indicate that the new monetary policy can effectively alleviate information asymmetry between banks and firms,enhancing the willingness of commercial banks to supply long-term credit to compa-nies.It also lowers the cost of long-term debt financing,stimulating corporate demand for long-term credit.Changes in both supply and demand for long-term credit lead to an increase in the proportion of corporate long-term debt,thereby suppressing the"short-term borrow-ing for long-term investment"behavior.This study clarifies the impact and mechanism of new monetary policy under the collateral framework on micro-level corporate decision-making from the perspective of the maturity mismatch of corporate financing and investment,providing certain policy implications for preventing systemic financial risks in China.
Medium-term Lending Facility PolicyCollateral FrameworkMismatch in Financing and Investment Terms
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