宽松利率政策、银行杠杆率与小微企业信贷配置

Loose Interest Rate Policy,Bank Leverage and Credit Allocation for Small and Micro Enterprises

鉴于利率作为我国愈来愈重要的货币政策调控工具,本文对D-L-M模型进行拓展,从信贷规模和信贷结构两个维度研究了宽松利率政策对小微企业信贷配置的影响。研究结果表明,宽松利率政策会使银行增加小微贷款余额及其占比,但政策效果会受到银行类别影响,同时也存在着关于银行杠杆率的门槛效应。为了验证上述理论结果,本文基于我国50家商业银行2011—2017年的面板数据进行了实证检验。结果发现:宽松利率政策会刺激银行增加对小微企业信贷的配置,且在信贷规模维度存在以银行杠杆率为门槛变量的门槛效应。当杠杆率超过门槛值后,宽松利率政策对小微企业信贷规模的影响程度有所减弱。进一步通过对银行异质性下的门槛分析结果表明,宽松利率政策对全国性银行的小微信贷规模并不存在门槛效应,但对地方性银行的小微信贷规模存在着双门槛效应。

In view of the interest rate as an increasingly important monetary policy regulation tool in China,this paper expands the D-L-M model and studies the impact of loose interest rate policy on the credit allocation for small and micro enterprises from two dimensions which are credit scale and credit structure.The theoretical results show that the loose interest rate policy will induce banks to increase the credit allocation for loans of small and micro enterprises,but the impact would be affected by the banks'types.And there is also a threshold effect of bank leverage.In addition,this paper empirically verifies the inferences mentioned above based on the panel data of 50commercial banks in China from 2011to 2017.The results found that,first of all,loose interest rate policy will induce banks to increase the credit allocation for small and micro enterprises,and there is a threshold effect with bank leverage as the threshold variable in the dimension of credit scale.Secondly,when the leverage ratio exceeds the threshold,the impact of loose interest rate policy on the scale of bank loans to small and micro enterprises will be weakened.Furthermore,through the analysis of the threshold under the heterogeneity of banks,the results show that a loose interest rate policy does not have a threshold effect of the scale of small and micro loans for national banks,but double thresholds exist for the scale of small and micro loans for local banks.