银行数字化转型驱动下定向降准政策的传导效率——基于银行规模异质性的研究

The Transmission Efficiency of the Targeted RRR Cut Policy Driven by the Banks'Digital Transformation-Research Based on Bank Heterogeneity

本文基于银行规模异质性,将定向降准政策和银行数字化转型引入两阶段银行信贷配置优化模型,选取2011—2018年中国商业银行微观数据,从理论和实证两个层面研究了银行数字化转型对定向降准政策传导效率的影响及内在机理。研究发现:定向降准政策可以有效促进大型银行和中小银行小微贷款余额的增加,但定向降准政策对小微贷款余额占比提升的促进作用主要体现在大型银行层面;银行数字化转型显著强化了定向降准政策在大型银行层面的传导效率,但对定向降准政策在中小银行层面的传导效率影响较弱。本文的研究发现为优化定向降准政策的考核规则,以及促进银行数字化转型提供了有价值的参考依据。

Based on the heterogeneity of bank sizes,this paper investigates the impact of banks'digital transformation on the transmission efficiency of the targeted RRR cut policy.It examines the underlying mechanism at both theoretical and empirical levels by introducing a targeted downgrade policy and banks'digital transformation into a two-stage bank credit allocation optimization model.The study selects microdata from Chinese commercial banks from 2011 to 2018.The findings reveal that the targeted RRR cut policy can effectively promote the increase of micro and small loan balances of both large banks and small and medium-sized banks.However,the promotion effect on the share of micro and small loan balances is primarily reflected at the level of large banks.Additionally the digital transformation of banks significantly strengthens the transmission efficiency of the targeted RRR cut policy for large banks,while its impact on small and medium-sized banks is comparatively weaker.These findings provide valuable references for optimizing the assessment rules of the targeted RRR cut policy and promoting the digital transformation of banks.