金融科技与结构性货币政策选择——基于定向降准政策的研究

Fintech and Structural Monetary Policy Options:A Study Based on Targeted RRR Cut Policy

推进普惠金融高质量发展,需要充分发挥金融科技与货币政策协同优势,以助力小微企业提质增效。文章利用新三板企业数据,构建三重差分模型,考察了金融科技对定向降准政策信贷引导的影响及其机制。研究发现,金融科技减弱了小微企业对定向降准政策的信贷依赖,这主要表现为金融科技通过改变银行负债结构和风险承担而减少了银行信贷供给,从而弱化了货币政策信贷传导机制。金融科技对定向降准政策的冲击效应存在异质性,上述效应在内部现金流较少或者处于成长期的小微企业中尤为明显。在金融资源充裕的条件下,金融科技对定向降准政策调控效果的削弱作用更加显著。在金融发展不足的情形下,金融科技更易减弱小微企业对定向降准政策的依赖。文章的研究为加强金融科技与结构性货币政策的深度融合以优化金融服务质效提供了经验借鉴。

As a typical representative of the digital economy,Fintech continues to focus on key areas and deeply cultivate inclusive finance for micro and small businesses to drive the high-quality development of China’s economy.Financial disintermediation triggered by Fintech has posed an important challenge to the development of traditional financial institutions,profoundly affecting the financial market pattern and monetary policy transmission mechanism.At the same time,structural monetary policies such as targeted RRR cut have become important tools to ease the mismatch of resource structure and the financing constraints of micro and small enterprises,positively encouraging commercial banks to provide better financing services for inclusive micro and small fields.So,can Fintech innovation and development collaborate with such structural monetary policy credit guidelines to build a long-term mechanism to serve micro and small enterprises?At present,the academic community has not formed a unified view on the impact of Fintech on monetary policies,and this kind of research mainly focuses on aggregate monetary policies tools.The results show that Fintech reduces the credit dependence of micro and small enterprises on the targeted RRR cut policy.This inhibiting effect is mainly manifested in the fact that Fintech reduces the supply of bank loans by changing the structure of bank debt and risk-taking,and weakens the credit transmission mechanism of monetary policies.In addition,the impact of Fintech on the targeted RRR cut policy is heterogeneous,especially in micro and small enterprises with low internal cash flow and in the growth stage.Under the condition of abundant financial resources,Fintech plays a more important role in the competition of targeted RRR cut policy.In the case of insufficient financial development,Fintech is more likely to reduce the dependence of micro and small enterprises on the targeted RRR cut policy.The marginal contributions of this paper are that:First,taking the targeted RRR cut policy as the entry point,it uses the DDD model to explore the interaction between Fintech and structural monetary policies,which expands and enriches the research on the effectiveness of structural monetary policy regulation in the context of the digital economy,and provides empirical support for optimizing structural monetary policies.Second,combining the credit mechanism theory of monetary policies,it identifies the transmission path of Fintech affecting the targeted RRR cut policy,which provides substantive evidence for clarifying the interaction mechanism between them,and is conducive to promoting the benign interaction and coordinated development of Fintech and structural monetary policies.Third,from the perspectives of enterprise characteristics and external market environment,it explores the differential impact of Fintech on the targeted RRR cut policy,which provides a theoretical basis for further strengthening credit support and promoting the coordinated development of Fintech and structural monetary policies.