贷款基准利率变化对小微企业融资成本影响的实证分析

Analysis on Impact of Change of Benchmark Interest Rate for Loan to Financing Cost of Small and Micro Business

近年来小微企业融资成本过高一直是备受关注的一个问题,央行频繁降低存贷款准备金率,这项货币政策能否有效降低小微企业融资成本,这类讨论正如火如荼的进行。然而在众多的学术作品中,鲜有学者以实证的角度对二者的关系进行量化分析,进而从量上对二者关系展开研究。利用统计机关发布的权威数据进行回归分析是一条可探索的路径。以数据为基础,以回归分析为工具,揭示出货币政策与小微企业融资成本的关系,回归模型背后隐藏的意义值得决策者思考,通过确定降低贷款基准利率影响小微企业融资成本的程度,有利于辅助决策者作出科学合理的行政行为,使社会经济良好发展。

In recent years, financing cost of small and micro business has been a hot topic in China. Cen- tral Bank has lowered benchmark interest rate for loan frequently. These kinds of topics are under way. However, there are few scholars who make quantitative analysis of the relationship between the two on the view of experiment and then step up further research on the basis of quantity. It＇s feasible to generate re- gression analysis taking advantage of data released by authorities. To reveal the relationship of financing cost and monetary policy, it＇s a fresh way to make use of that method based on data and taking regression as a tool. The profound significance hidden from the regression equation is worth taking into consideration when governors make vital decisions. By making sure of the degree of impact on decreasing benchmark in- terest rate for loan to financing cost, administrators will behave more scientifically and rationally, which is going to help achieve development of social economy