定向降准对靶向企业的调控效应

Research on the Regulatory Effects of Directional Reduction of the Deposit Reserve Ratio to Targeted Enterprises

定向降准是中国人民银行实现资金导流与“精准滴灌”的创新举措,是金融服务实体经济的必然要求。以2010—2022年中国沪深A股和新三板的微观企业数据为样本,构建倾向得分匹配-双重差分模型(PSM-DID),探讨定向降准对农业企业和中小企业的政策效应。研究发现:定向降准总体上能显著降低农业企业和中小企业的信贷融资成本,提升企业绩效;从企业所有制来看,定向降准对国有农业企业和中小企业的信贷融资成本及绩效无显著影响,但能显著降低非国有农业企业和中小企业的信贷融资成本,缓解商业银行的信贷歧视行为;从企业所在区域来看,定向降准能够显著降低东、中、西部地区农业企业和中小企业的信贷融资成本,但仅对东部地区农业企业和中小企业的绩效有提升作用。中国人民银行应进一步完善金融机构的贷款动态考核机制,合理把握定向降准政策的操作时机、力度和使用频率,防控资金失衡隐患。

The targeted cuts to required reserve ratios policy is an innovative measure by the Central Bank of China aimed at achieving“capital infusion”and“precise drip irrigation”to better serve the real economy.The paper examines the effects of this policy using micro-enterprise data from China’s A-share and New Third Board markets,covering the period from the first quarter of 2010 to the fourth quarter of 2022.Adopting a“counterfactual”perspective,a propensity score matching-double difference(PSM-DID)model is employed to assess the impact of targeted reserve requirement ratio cuts on agricultural enterprises and small and medium-sized enterprises(SMEs),focusing on credit financing costs and firm performance.Our findings indicate that:firstly,the targeted reserve requirement ratio cuts significantly reduce credit financing costs and enhance firm performance for agricultural enterprises and SMEs.Secondly,regarding corporate ownership heterogeneity,while the policy does not significantly affect the credit costs and performance of state-owned agricultural and small enterprises,it substantially lowers the credit financing costs for non-state-owned agricultural and small enterprises,thereby mitigating credit discrimination by commercial banks.Thirdly,the policy effectively reduces credit financing costs for agricultural enterprises and SMEs across eastern,central,and western regions of China,but positively impacts the performance of these firms only in the eastern region.The central bank should carefully consider the timing,intensity,and frequency of implementing targeted reserve requirement ratio cuts,improve the dynamic loan assessment mechanisms of financial institutions,and manage potential fund imbalances that could arise from targeted but“unreasonable”support.