基于双重比较的差异化准备金率政策效果研究

An Empirical Study on the Effect of the Differentiated Reserve Requirements

大、中小商业银行差异化准备金率政策在我国实施多年,然而鲜有看到对该政策实施效果的定量研究工作。本文从明晰差异化的政策目标出发,运用13家上市商业银行2005~2014年中报数据,通过双重差分模型,实证对比了差异化政策实施前后,法定准备金率的上调对大、中小银行关键性指标——流动性比例、资本充足率、平均资产收益率的影响,意在从流动性、资本充足性和盈利性三个方面反映差异化政策是否对中小银行更有利;通过回归分析,揭示准备金率差异化的力度对大小银行流动性差距的影响。结果表明:与大银行相比,差异化政策对缓解小银行的流动性压力和提高盈利水平更有利,而对资本充足状况不利;准备金率的差异化程度与小银行流动性二者呈正相关关系。

Although differentiated reserve requirements have been implemented several years in large and small commercial banks in our country, there appear to be still few quantitative researches on the implementation effect of differentiated reserve policy. This study starts by clarifying goals of differentiated reserve policy. Then, in order to explore whether differentiated reserve requirements are more beneficial for small banks on the liquidity, capital adequacy and profitability level, this paper carries on the empirical analysis with semi-annual reports of 13 listed commercial banks from 2005 to 2014 by the Difference in Difference model. In detail, this study empirically compares the impact of the raised reserve ratio on the current ratio, capital adequacy ratio and return on average assets between small and large banks before and after differentiated deposit reserve policy＇s implement. Besides, by linear regression analysis, this paper reveals the influence of the difference in deposit reserve ratio on the difference in liquidity between large and small banks. The main conclusions are that small banks do benefit from differentiated reserve policy in views of relieving the liquidity stress and raising the return on average assets. But it＇s the opposite case for the capital adequacy ratio of small banks. Moreover, the difference level in deposit reserve ratio is significantly positively correlated with liquidity of small banks compared to large banks＇ liquidity status.