Monetary policy, corporate credit and digital transformation

Ruishi Jiang, Jia Ruan, Keru Long and Jianhui Ni

Finance Research Letters, 2024, vol. 67, issue PA

Abstract: This paper investigates whether monetary policy and digital transformation of enterprises can increase corporate credit, using Chinese A-share listed companies in Shanghai and Shenzhen from 2014 to 2021. The results show that loose monetary policy can significantly increase corporate credit, while the higher the degree of enterprise digital transformation, the less favorable loose monetary policy is to increase corporate credit. Meanwhile, the heterogeneity analysis finds that the higher the degree of digital transformation of non-state-owned enterprises relative to state-owned enterprises, the more unfavorable loose monetary policy is in increasing corporate credit. The enterprise liquidity ratio is larger, the asset-liability ratio is smaller, and the size is moderate, the digital transformation of enterprises is more conducive to increasing corporate credit.

Keywords: Monetary policy; Corporate credit; Digital transformation; Moderating effect (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:67:y:2024:i:pa:s1544612324007682

DOI: 10.1016/j.frl.2024.105738

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