Enterprise Property, Monetary Policy, and Allocation of Credit Resources – Based on the Data of China’s A-Shares Listed Companies

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.