Structural monetary policy directs liquidity toward designated sectors and firms, but its implications for the non-price terms of corporate borrowing remain insufficiently understood. In a collateral-oriented banking system, targeted credit may relax financing constraints while simultaneously increasing the assets and guarantees that firms commit to obtain funding. This study examines the association between structural monetary policy (SMP) and corporate collateralization and guarantee exposure in China. Using 46,512 quarterly observations of non-financial A-share listed firms from 2007 to 2024, we construct a residual-based SMP indicator that removes the component associated with conventional monetary conditions. Firm fixed-effects estimates show that stronger SMP is positively associated with the Guarantee ratio, defined as collateralization and guarantee commitments scaled by net assets. The result is robust to lagged-policy specifications, sample exclusions, and random placebo tests. Mechanism tests indicate that SMP is associated with greater credit availability, although this channel does not translate into a higher Guarantee ratio in the estimated mediation tests. By contrast, the evidence is consistent with a capital-expenditure channel: policy-supported investment expands the stock of pledgeable assets and is associated with greater guarantee exposure. The association is stronger for smaller and lower-leverage firms, and factor-augmented time-varying analyses reveal substantial industry and temporal heterogeneity. These findings suggest that an assessment of targeted monetary policy should consider not only credit volumes and financing costs, but also the collateral and guarantee commitments embedded in credit contracts.