定向降准货币政策传导路径与效果研究  

Research on the Transfer Path and Effect of Targeted Reserve-requirement-ratio Cut Policy

作　　者：陈书涵 黄志刚 林朝颖 Chen Shuhan;Huang Zhigang;Lin Chaoying

机构地区：[1]福州大学经济与管理学院

出　　处：《投资研究》2019年第3期38-50,共13页Review of Investment Studies

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：定向降准政策延“中央银行-商业银行-政策扶持企业”路径传导,本文从微观企业入手,采用双重差分倾向得分匹配法,研究政策对企业信贷可得性和企业业绩的影响,讨论定向降准实施的有效性。研究发现:定向降准实施后,政策扶持企业的信贷可得性有所提高,但主要为短期信贷,长期贷款仍然困难;定向降准政策具有溢出效应,政策实施精准性有待加强;定向降准政策冲击对政策扶持企业业绩具有积极影响。Targeted reserve-requirement-ratio cut(TRRRC)policy transmits through the mechanism of "central bank—commercial banks—support target enterprises",the article uses PSM-DID method,from the perspective of the availability of corporate credit and corporate performance,to measure whether the TRRRC policy actually achieves the expected goals of supporting small and micro enterprises and agricultural enterprises.The results present that after the implementation of TRRRC policy,bank credit availability of "policy-supported enterprises" has advanced,while the increased loans mainly are short-term loans,it still difficult to obtain the long-term loans;moreover,the policy has a positive impact on the performance of "policy-support enterprises".

关 键 词：定向降准 传导路径 企业业绩 PSM-DID 

分 类 号：E51[军事—军事理论] E52