Abstract: This article examines the impact of the credit term structure of the financial system on the real economy capital return from theoretical and empirical aspects, and explores the mechanism path of it. The results show that the impact of the credit term structure on the real economy capital return has an inverted U-shaped characteristic. The impact of credit term structure on the return on capital of different ownership types is different in the sample period. The three-phase superposition impact worsens the impact of credit term structure on the The impact of credit term structure on the return on capital of different ownership types is different in the sample period. The three-phase superposition impact worsens the impact of credit term structure on the return on capital of the real economy. The credit term structure has a positive effect on the return on capital through the promotion mechanism including the promotion effect of technological progress and infrastructure spillover effect, and a negative effect on the return on capital through the obstruction mechanism including interest cost erosion effect and real estate siphon effect. The credit term structure has a positive effect on the return on capital through the promotion mechanism including the promotion effect of technological progress and infrastructure spillover effect, and a negative effect on the return on capital through the obstruction mechanism including interest cost erosion effect and real estate siphon effect.
