Central bank digital currency and corporate debt financing costs: Empirical evidence from China

被引：0
|
作者：
Xiao, Zumian [1 ]
Niu, Yiran [1 ]
Xiang, Lijin [1 ]
Cui, Yingshuo [1 ]
机构：
[1] Shandong Univ Finance & Econ, Sch Finance, Jinan, Shandong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 69卷
基金：
中国国家自然科学基金;
关键词：
Central bank digital currency; Financing costs; Commercial bank; RISK;
D O I：
10.1016/j.frl.2024.106195
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate whether central bank digital currency (CBDC) affects corporate financing costs. Results from Difference-in-difference (DID) estimation indicate that corporate debt financing costs rise significantly in the presence of China's central bank digital currency (CBDC). Our mechanism analyses suggest that CBDC boosts financing costs through credit channel, specifically by specifically by increasing bank lending rates, reducing the scale of credit, and heightening the challenges associated with securing debt financing. This study offers critical insights for policymakers, shedding light on the consequences of CBDC issuance.
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页数：8
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