货币政策和小微企业“融资难”——基于央行担保品渠道的实证

Monetary Policy and Small and Micro Enterprises'Financing Difficulties--Empirical Evidence Based on the Collateral Channels of Central Banks

为缓解小微企业融资难,央行对中期借贷便利(MLF)担保品进行了扩容。利用MLF担保品扩容这一准自然实验,收集并匹配了银行间债券市场和新三板市场的小微企业数据,使用双重机器学习方法扩展现有三重差分模型,研究MLF担保品扩容对缓解小微企业融资难的效果。研究发现,央行对MLF担保品扩容显著缓解了符合条件的小微企业融资难问题,提高了小微企业信贷的可获得性;MLF担保品扩容对高科技型企业的效果优于非高科技型企业。

In order to alleviate the financing difficulties of small and micro enterprises,the central bank expands the collateral of the Medium-term Lending Facility(MLF).Using the quasi-natural experiment of MLF collateral expansion,we collected and matched the data of small and micro enterprises in the inter-bank bond market and the New Third Board market,and extended the existing Triple Difference Model by using dual machine learning method to study the effect of MLF collateral expansion on alleviating the financing difficulties of small and micro enterprises.It is found that the expansion of MLF collateral by the central bank significantly alleviates the financing difficulties of qualified small and micro enterprises,and improves the availability of credit for small and micro enterprises.The effect of MLF collateral expansion on high-tech enterprises is better than that of non-high-tech enterprises.