Corporate investment and shadow banking channel of monetary policy

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-04-13 DOI:10.1016/j.ememar.2025.101291

Bo Jiang, Liang Fu

引用次数: 0

Abstract

This paper examines the differential impact of monetary policy on investment between state-owned enterprises (SOEs) and non-SOEs in China, a context marked by a transition from quantity-based to interest rate-based monetary policy and the growth of the shadow banking sector. Utilizing a high-frequency, interest-rate-based measure of monetary policy shocks, we find that contractionary monetary policy has a significantly larger negative impact on SOE investment. This differential response is attributed to the distinct financing structures of SOEs and non-SOEs: SOEs' reliance on traditional bank loans, facilitated by implicit government guarantees, renders them more sensitive to monetary tightening, while non-SOEs' dependence on the shadow banking sector mitigates this effect.

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企业投资和影子银行的货币政策渠道

本文考察了货币政策对中国国有企业和非国有企业投资的差异影响，这一背景以货币政策从以数量为基础向以利率为基础的转变以及影子银行部门的增长为标志。利用基于利率的高频货币政策冲击指标，我们发现紧缩的货币政策对国有企业投资的负面影响要大得多。这种不同的反应归因于国有企业和非国有企业不同的融资结构：国有企业对传统银行贷款的依赖，在政府隐性担保的推动下，使它们对货币紧缩更加敏感，而非国有企业对影子银行部门的依赖则减轻了这种影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.