定向降准政策的调控效果——基于PSM-DID方法的实证分析

The Regulatory Effects of Targeted Cuts to the Reserve Requirement Ratio——An Empirical Analysis Based on the PSM-DID Method

基于2010-2018年中国A股上市公司和新三板挂牌企业数据,采用PSM-DID模型定量考察定向降准政策对定向支持企业信贷可得性、融资成本和投资的影响,检验定向降准政策的实际效果。研究发现,考察期内,定向降准政策实施后,与非支持企业相比,定向支持企业的信贷可得性显著提高,实际融资成本显著降低,新增投资显著增加。进一步的异质性检验发现,定向降准政策的调控效果因企业产权性质和所在地区金融发展水平的不同而存在差异。

Based on the data of China’s listed companies in A-share and NEEQ markets during 2010-2018, this paper uses PSM-DID model to examine the policy impacts of targeted cuts to the reserve requirement ratio on targeted enterprise’s credit availability, financing cost and investment, and tests the actual effects of the policy. The results show that during the study period, the target enterprises significantly benefit from the policy compared with non-target enterprises, having more available credits, lower financing costs and more investment. Further heterogeneity tests show that the regulatory effects vary for enterprise’s ownership and the financial development level of its location.