摘要
2017年,央行将普惠金融和定向降准相结合,定向降准能否精准引流决定着政策的成败。基于上市公司2011年至2019年的面板数据,采用双重差分法检验定向降准是否能够实现其政策目标,定向向三农和小微企业引导信贷资源,并用三重差分法引入资本约束这一调节变量,检验资本约束的增强是否对定向降准的实施效果有影响。结果表明:定向降准能够达到政策目标,增加三农和小微企业可获得的信贷资源,此外资本约束对定向降准的实施效果无显著影响。
Based on the panel data of listed companies from 2011 to 2019,this paper uses the DD method to test whether the structural monetary policy of targeted RRR cuts can achieve its policy goals,and directs credit resources to agricultural industry and small and micro enterprises to promote its development,and use the DDD method to introduce the adjustment variable of capital constraints to test whether the enhancement of capital constraints has an effect on the implementation of targeted RRR cuts.The results show that the targeted RRR cuts can achieve the policy goals,increase the credit resources available to agricultural industry and small and micro enterprises.In addition,capital constraints have no significant effect on the implementation of targeted reductions.
出处
《浙江金融》
2020年第3期58-69,共12页
Zhejiang Finance
关键词
定向降准
三农小微贷款
企业信贷
资本约束
targeted RRR cuts
agricultural industry and small and micro enterprises credit loans
corporate credit
capital constraints
