基于企业视角的定向降准政策调控效果研究  

Study on the Effect of the Policy of Targeted Cut in the Reserve Requirement Ratio on Firm Perspective

作　　者：林朝颖[1] 黄志刚[2,3] 杨广青[3] 杨洁[1] Lin Chaoying Huang Zhigang Yang Guangqing Yang Jie

机构地区：[1]福建农林大学管理学院 [2]福州大学 [3]福州大学经济与管理学院

出　　处：《财政研究》2016年第8期91-103,65,共14页Public Finance Research

基　　金：国家社科基金"定向降准对农业企业的产出与风险传导效应研究"(15CGL037)资助

摘　　要：经济新常态下,以"微刺激"与"定向激励"为特征的定向降准政策逐渐成为货币政策操作的新常态。定向降准释放的资金能否定位精准的流向预期领域,这决定着定向降准政策实施的成败。本研究首先通过构建理论模型分析定向降准政策的传导机理,接着在倾向得分匹配的基础上采用倍差法实证研究定向降准政策颁布对农业信贷与非农信贷影响的差异,结果表明单纯的定向降准政策取得了一定的成效,但显著性有待提高。而定向调控与总量调控的货币政策组合将使定向降准的结果偏离目标,影响定向降准政策定位的精准性。In the new normal, the policy of targeted cut in the reserve requirement ratio, whose character is ＇ tiny stimulus＇ and ＇ targeted incentive＇, has gradually become the new normal of monetary policy. Whether the money released under this policy can accurately flow to the expected field determines the success of the policy.This paper establishes a model to analyze the transmission mechanism of the policy of targeted cut in the reserve requirement ratio and compares the different impact of the policy on agricultural credit and non-agricultural credit using the method of propensity score matching and the difference-in-difference. The result shows that the policy of targeted targeted cut in the reserve requirement ratio has some effects with low significance. The combination of adjustment policy and aggregate adjustment policy will turn the effect of policy of targeted cut in the reserve requirement ratio away from its object and influence the accuracy of the targeted policy.

关 键 词：定向降准 总量调控 结构优化 经济新常态 

分 类 号：F820[经济管理—财政学]