对疫情下小微企业金融支持政策的效果评估

Effects of Financial Support Policies for Small and Micro Enterprises under Convid-19 Epidemic

为了应对新冠肺炎疫情对小微企业造成的冲击,人民银行和银保监会等监管部门出台了增加信贷投放、降低贷款成本和优化金融服务等金融支持政策。那么,疫情期间金融支持政策是否完全实现了政策目标呢?基于2019年第三季度到2020年第三季度期间人民银行某省分行的小微企业调查数据,本文利用倾向得分匹配双重差分法,以营业收入、营业成本、营业利润和利息支出四个财务指标对金融支持政策的实施效果进行了量化评估。研究发现,虽然金融支持政策提高了小微企业的信贷可得性,但支持小微企业融资的普惠性仍有待提高;金融支持政策显著降低了小微企业营业成本和利息支出,但对营业收入和营业利润影响并不明显。此外研究还发现,金融支持政策的实施效果在不同行业间存在显著差异。未来应从扩大普惠性和提高行业针对性等方面优化小微企业金融支持政策。

In response to the impact of Covid-19 epidemic on small and micro enterprises, the Central Bank of China, China Banking and Insurance Regulatory Commission and other regulatory authorities have implemented financial support policies which include increasing credit supply, reducing loan costs and optimizing financial services.Did the financial support measures fully achieve the policy objectives during the epidemic period? Based on the survey data of small and micro enterprises of a branch of People’s Bank of China from the third quarter of 2019 to the third quarter of 2020, this paper uses the Propensity Score Matching Differences-in-Differences method(PSM-DID) to evaluate financial support policies effects from four financial indicators. The results show that although the financial support policies improve the credit availability of small and micro enterprises, the internal inclusiveness of small and micro enterprises needs to be improved;the financial support measures reduce the operating costs and interest expenses of small and micro enterprises, but have no impact on the operating revenue and profit;as different industries are affected by the new epidemic, the financial support policies have heterogeneous effects on small and micro enterprises in different industries. Therefore, we should optimize the financial support policies for small and micro enterprises from two aspects: expanding the inclusiveness and improving the industry pertinence.