定向降准对企业投资与消费的普惠效应研究

Research on the Inclusive Effect of Targeted RRR Cut on Enterprise Investment and Consumption

本文以2007年1季度至2019年1季度上市小微企业公司为研究对象,采用倾向得分匹配与倍差法相结合,本文仔细研究了有针对性地降低存款准备金率政策对小微企业营业收入和新投资的影响。研究发现:①定向降准能提升小微企业的营业收入和刺激新增投资,体现了明显的消费刺激和投资刺激效应。②分行业看定向降准对西部地区的小微企业和低投资机会的小微企业的投资拉动效果更大,对东部地区和高投资机会的小微企业消费刺激作用更大。③在宏观审慎背景下定向降准政策对小微企业投资拉动和刺激消费的作用显著增强,对投资拉动效应提升了96%,对营业收入的影响提升了1.24倍,在一定程度上加大对存款准备金率政策的针对性“普惠”效应。

This article takes listed small and micro enterprise companies from the first quarter of 2007 to the first quarter of 2019 as the research object,and uses a combination of propensity score matching and the difference method.This article carefully studies the targeted reduction of the deposit reserve ratio policy for small and micro enterprises The impact of operating income and new investments.The research found that:①Targeted RRR cuts can increase the operating income of small and micro enterprises and stimulate new investment,reflecting the obvious consumption stimulus and investment stimulus effect.②In terms of different industries,the targeted RRR cut will have a greater effect on small and micro enterprises in the western region and small and micro enterprises with low investment opportunities,and it will have a greater effect on stimulating the consumption of small and micro enterprises in the eastern region and with high investment opportunities.③In the context of macro prudence,the targeted RRR cut policy has significantly increased the role of small and micro enterprises in stimulating investment and stimulating consumption.The investment stimulating effect has increased by 96%,and the impact on operating income has increased by 1.24 times,which has increased to a certain extent.The targeted"inclusive"effect of the deposit reserve ratio policy.