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United States monetary policy and Chinese corporate leverage ratio

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  • Zhang, Bing
  • Jiang, Gaozhe
  • Liang, Enshuo

Abstract

This study analyzes the impact of US monetary policy shocks on China’s corporate leverage ratio using a panel fixed effects model and quarterly data of A-share listed firms spanning 2006–2023. Notably, US monetary policy changes Chinese enterprises’ leverage ratios through asset price channel, with stronger effects in state-owned and large firms. Notably, expansionary US monetary policy increases the leverage ratios of Chinese listed firms. Concerning different maturity leverage ratios, US monetary policy has a deeper impact on the long-term leverage ratios of listed firms. This study contributes helps optimize the debt structure of firms and offers insights for high-quality economic development in China.

Suggested Citation

  • Zhang, Bing & Jiang, Gaozhe & Liang, Enshuo, 2026. "United States monetary policy and Chinese corporate leverage ratio," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026182
    DOI: 10.1016/j.frl.2025.109369
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