基于企业微观视角的定向降准惠农精准性研究  

The Precision of the Effects of Targeted Reduction of Reserve Ratio Policies on the Agricultural Sector Based on the Micro Perspective of Enterprises

作　　者：林朝颖 林楠 黄志刚 黄乐 Lin Chaoying;Lin Nan;Huang Zhigang;Huang Le

机构地区：[1]福州大学经济与管理学院 [2]福建省金融科技创新重点实验室

出　　处：《中国农村观察》2020年第6期83-101,共19页China Rural Survey

基　　金：国家社科基金后期资助项目“基于风险维度的货币政策总量与定向调控效应研究”的阶段性研究成果。

摘　　要：近年来货币政策逐渐由“大水漫灌”的总量调控模式向“精准灌溉”的定向调控模式转变。定向降准定位的精准性决定了该政策实施的成败。本文基于全国中小企业股份转让系统数据,从农业企业、非农企业以及定向降准政策类型三个层面评价定向降准惠农的精准性,结果发现:定向降准颁布后,农业企业的投资现金流敏感性显著下降,定向降准对农业企业的融资约束有显著缓解作用。不同类型农业企业对定向降准的政策反应不尽相同,资金紧缺型农业企业的投资现金流敏感性在政策颁布后显著下降;而资金充裕型农业企业在政策颁布前后没有显著变化。不同类型的定向降准政策效力也存在差异,钉住目标贷款的定向降准有助于缓解农业企业的融资约束,精准性较高;而钉住目标银行的定向降准易产生道德风险问题,政策执行效果渗漏至高资本回报的非农企业,溢出效应显著。The precision of targeted reduction of reserve ratio policies determines the success or failure of policy implementation.Based on the data of National Equities Exchange and Quotations,this article evaluates the precision of targeted reduction of reserve ratio policies from three perspectives of agricultural firms,non-agricultural firms and the types of targeted reduction of reserve ratio policies.After analyzing the effect of targeted reduction of reserve ratio polices on financial constraints of agricultural firms,the study finds that the investment cash flow sensitivity declines significantly after the promulgation of targeted reduction of reserve ratio polices for agricultural firms.Different kinds of agricultural firms have different responses to the policies.The cash flow sensitivity of capital-shortage agricultural firms decreased significantly after the promulgation of the policies,while no significant change can be found in capital-abundant agricultural firms before and after the promulgation of the policies.The effectiveness of different types of targeted reduction of reserve ratio policies is also different.The“targeted to loan”policies contribute to alleviating financial constraints of agricultural firms,and that can be more precise than“targeted to bank”policies.However,“targeted to bank”policies may probable cause moral hazard,the policy implementation bonus can leak to non-agricultural firms with high capital returns,which indicates that the spillover effect of“targeted to bank”polices is prominent.

关 键 词：定向降准 融资约束 精准惠农 微观视角 

分 类 号：F832.0[经济管理—金融学]