Keywords
Monetary policy
Credit resource allocation
Submitted : 2022-03-23
Accepted : 2022-04-07
Published : 2022-04-22
Abstract
Using the data of China’s A-shares listed companies from 2007 to 2017, this study found that there are significant differences between state-owned enterprises and private enterprises in terms of credit allocation scale, credit term structure, and credit financing cost. Compared with state-owned enterprises, private enterprises have smaller credit allocation scale, shorter credit term, and higher financing cost. Monetary policy has a significant impact on the differences; in which loose monetary policy will aggravate the financing difference between private enterprises and state-owned enterprises, while tight monetary policy will narrow the difference.
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