定向降准、小微企业融资成本与信贷遮掩效应

Targeted RRR Cut,Financing Cost of Small and Micro Enterprises and Credit Masking Effect

本文选取新三板小微企业2011~2020年的数据为研究对象,采用PSM-DID方法研究定向降准政策对小微企业融资的影响。研究结果显示:定向降准政策能够显著提高小微企业总体信贷可得性和短期信贷可得性,对于长期信贷可得性以及融资成本的影响不显著;通过遮掩效应模型可以发现,总体信贷可得性、短期信贷可得性的提高有利于定向降准政策对小微企业融资成本的降低,长期信贷可得性的遮掩效应尚未显现;通过异质性分析发现,根据不同的小微企业划分标准,定向降准对信贷可得性以及融资成本的影响不同。根据研究结论,本文对于完善定向降准政策的实行,解决小微企业融资难、融资贵的问题具有重要意义。

This paper selects the data of small and micro enterprises on the New Third Board from 2011 to 2020 as the research object,and uses the PSM-DID method to study the impact of the targeted RRR cut policy on the financing of small and micro enterprises.The results show that the targeted RRR cut policy can significantly improve the overall credit availability and short-term credit availability of small and micro enterprises,but has no significant impact on long-term credit availability and financing costs.Through the masking effect model,we can find that the improvement of overall credit availability and short-term credit availability is conducive to the reduction of financing costs of small and micro enterprises by the targeted RRR cut policy,while the masking effect of long-term credit availability has not yet appeared.Through the heterogeneity analysis,it is found that according to different criteria for the division of small and micro enterprises,the impact of targeted RRR cut on credit availability and financing costs is different.According to the research conclusion,this paper is of great significance to improve the implementation of the targeted RRR cut policy and solve the problem of financing difficulties and expensive financing for small and micro enterprises.