Abstract: By sorting out the credit exposure of the top 30 commercial banks ranked by core tier one net assets in China from 2008 to 2017 and the data of A-share listed companies in Shanghai and Shenzhen, excluding ST companies and the financial industry, this paper explores the impact of bank credit exposure on the debt structure and solvency of different types of loan enterprises. The results show that: first, if banks expand their credit exposure, listed companies tend to avoid short-term financial risks while, Reduce the cash ratio used to repay short-term debts; Secondly, technology companies with a high proportion of R&D expenses will improve their debt solvency when banks relax credit; Finally, we find that during the credit boom, companies with a high proportion of R&D expenses will adopt more aggressive debt decisions when banks expand credit exposure, and at the same time improve solvency to cope with various unexpected bankruptcy risks that may occur during the recession, while state-owned holding companies are relatively conservative when facing opportunities. During the credit recession, Both companies will reduce short-term debt ratio or improve solvency to avoid financial risk. This conclusion has reference significance for improving credit behavior and improving credit efficiency of commercial banks in China.

Keywords: commercial bank; Debt structure; Credit exposure; Credit cycle;