普惠金融定向降准与企业创新——基于创新型中小企业的实证研究  

Targeted RRR Cuts for Inclusive Finance and Firm Innovation:An Empirical Study on Innovative SMEs

作　　者：王佳妮[1] 高绮 阎曼华 WANG Jiani;GAO Qi;YAN Manhua

机构地区：[1]首都经济贸易大学金融学院,北京100070 [2]香港大学统计与精算学院,中国香港999077 [3]四川省能源投资集团有限责任公司,四川成都610041

出　　处：《学习与实践》2022年第11期65-74,共10页Study and Practice

基　　金：国家社会科学基金一般项目“突发事件下民营企业融资纾困与政策效应研究”(项目编号:20BGL069)。

摘　　要：文章基于沪深A股民营企业的微观数据,采用倾向得分匹配倍差法方法检验了普惠金融定向降准政策对创新型中小企业创新投入的影响及其作用机制。研究结果显示:普惠金融定向降准实施后,企业信贷规模和创新投入普遍增加,但是政策对创新型中小企业产生的“普惠效应”有限。其主要原因在于:尽管获得了短期信贷支持,但长期资本供应不足,无法有效激励创新;政策在传导过程中存在溢出效应,政策实施使得大企业、非创新型企业受惠程度更高;政策调控效果还受到区域环境和财税支持等其他因素的影响。本研究为结构性货币政策工具的效果提供证据,有助于理解定向降准政策对企业融资及创新活动的影响,为促进创新型中小企业发展的政策制定提供参考。Based on the micro data of private listed companies in A share, this paper used Propensity Score Matching with Difference-in-Difference(PSM-DID) model to examine the effect of targeted Reserve Requirement Ratio(RRR) cuts on the innovation investment of innovative small and medium-sized enterprises(SMEs), and then further analyzed the influential mechanism. The results show that targeted RRR cuts significantly help to increase the size of loans and innovation investment, but theinclusive effectof the policy on innovative SMEs is limited.. The main reasons are that:(1) although short-term credit support has been obtained, the long-term capitalsupply is insufficient to effectively stimulate innovation;(2) the policy brings spillover effect in the transmission process, which makes large enterprises and non-innovative enterprises benefit more;(3) policy effects are also influenced by other factors such as regional environment, fiscal and tax support. This study provides evidence for the effect of structural monetary policy, helps to understand the impact of targeted RRR cuts on enterprise financing and innovation activities, and provides reference for policy-making to promote the development of innovative SMEs.

关 键 词：普惠金融定向降准 企业创新 创新型中小企业 倾向得分匹配倍差法 

分 类 号：F832.4[经济管理—金融学]