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Credit information sharing and corporate debt maturity structure: Evidence from a quasi-natural experiment in China

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  • Zhu, Zhiliang
  • Song, Wuqi

Abstract

Credit information sharing allows creditors to access borrowers’ credit histories, serving as an effective tool to monitor and discipline firms. Using China’s Social Credit System (CSCS) as an exogenous shock to credit information sharing, this study employs a difference-in-difference analysis and demonstrates that such sharing extends corporate debt maturity. This increase in debt maturity is attributable to improved information transparency and lowered debt agency costs. We further find that the effect is more pronounced among firms with state ownership and firms with higher leverage ratio. Additional tests show that shared credit files help alleviate firms’ investment and financing maturity mismatch issues. Collectively, this study provides new insights into the economic consequences of credit information sharing through the lens of debt maturity structure.

Suggested Citation

  • Zhu, Zhiliang & Song, Wuqi, 2026. "Credit information sharing and corporate debt maturity structure: Evidence from a quasi-natural experiment in China," The North American Journal of Economics and Finance, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:ecofin:v:81:y:2026:i:c:s1062940825001895
    DOI: 10.1016/j.najef.2025.102549
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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