Monetary policy, debt maturity structure and corporate investment efficiency: Evidence from China

Liping Zheng; Guangzhen Liu; Ziwei Liang; Chengyi Liu

PLOS One · 2025-08-01
Research article · Version of record · CC BY 4.0 · 8,505 words

Original source: Volume 20 · Issue 8 · e0328358

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Title: Monetary policy, debt maturity structure and corporate investment efficiency: Evidence from China
Authors / creators: Liping Zheng; Guangzhen Liu; Ziwei Liang; Chengyi Liu
Source: Complete manuscript edition 2026-11-05
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Original authors / creators: Liping Zheng; Guangzhen Liu; Ziwei Liang; Chengyi Liu
Original publication: PLOS One · Public Library of Science · 2025-08-01
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doi:10.1371/journal.pone.0328358
License & retained notices: CC BY 4.0
© 2025 Zheng et al
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https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Article-specific license URL: https://creativecommons.org/licenses/by/4.0/
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Evidence limits: Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. Although monetary policy is a macroeconomic variable, it can theoretically be considered exogenous. However, macroeconomic policy formulation is often based on the state of the real economy and there may be endogeneity problems of reverse causality. Therefore, we mitigate the endogeneity problem of mutual causality by lagging monetary policy by one period (MP_1). The results in Table 6 show that the regression results of lagging monetary policy by one period are consistent with the benchmark regression.
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