定向降准是否刺激企业投资——基于农业企业的准自然实验  

Whether Targeted Reserve Requirement Ratio Cut Stimulates Corporate Investment——Quasi-natural Experiment Based on Agricultural Enterprises

作　　者：高玉强[1] 李柚 GAO Yuqiang;LI You(School of Economics,Qingdao University,Qingdao 266071)

机构地区：[1]青岛大学经济学院,青岛266071

出　　处：《林业经济》2022年第9期61-75,共15页Forestry Economics

基　　金：国家社会科学基金项目“绿色农业补贴的污染减排效应评估与政策优化研究”(编号:20BJL074)。

摘　　要：作为一项创新的结构性货币政策工具,定向降准旨在改善“三农”和小微企业融资环境,探讨其政策的有效性成为学术界与业界关注的热点之一。文章使用2009-2021年1483家沪深A股上市公司的面板数据,运用双重差分法实证检验了定向降准政策对农业企业投资的激励效应和作用机制,并从中介效应和企业异质性两个维度对定向降准政策的因果效应和作用机制进行了深入剖析。研究结果表明:(1)定向降准货币政策的实施对农业企业的投资具有显著正向作用,相较非农业企业,使农业企业的投资提高了1%;(2)机制分析表明,定向降准政策对农业企业投资的激励效应是通过提高企业信贷可得性和降低信贷融资成本得以实现的;(3)异质性分析表明,定向降准对农业企业投资的激励效应因所有制性质和发展水平而有所差异,国有企业、高投资机会企业和小企业的投资对定向降准政策的反应更加强烈,影响系数分别为1.974、1.299和1.440。基于上述结论,结合中国农业企业发展特点和国情,得出政策启示:政府应强化定向降准政策的导向作用,切实提升农业企业信贷资源获得性;根据不同企业类型制定差异化政策,精准施策;优化财政政策与货币政策的协调配合,更好发挥财政货币政策的协同效应。Targeted reserve requirement ratio cut,as a tool of innovative structural monetary policy,is aimed at the improvement of the"three rural"and micro and small businesses financing environment.The exploration about the effectiveness of its policy has arisen as one of the hotspots in the academic and industrial circles.In this paper,the panel data of the 1483 A-share listed companies in 2009-2021was adopted,and the incentive effect and action mechanism of targeted reserve requirement ratio cut on the investment of agricultural enterprises were tested by the use of difference-in-differences.Moreover,its causal effect and mechanism of action were deeply analyzed in terms of enterprise heterogeneity and intermediary effect.The results of the research showed in the following three aspects.First of all,the implementation of the targeted reserve requirement ratio cut had a significant positive effect on the investment of agricultural enterprises,which had made it increase by 1%in comparison with non-agricultural enterprises.Second,mechanism analysis showed that the incentive effect of targeted reserve requirement ratio cut on the investment of agricultural enterprises was achieved by the improvement of credit acquisition,along with the reduction of credit financing costs.Third,heterogeneity analysis showed that the incentive effect varied with the difference of the nature of ownership as well as the level of development.The investment of state-owned enterprises,high-investment opportunities and small enterprises had a stronger response to the policy,with the influence coefficients being 1.974,1.299and 1.44 respectively.Based on the above conclusions and combined with the development characteristics and national conditions of agricultural enterprises in China,policy implications were concluded that the government should strengthen the guiding role of targeted reserve requirement ratio cut to improve the availability of credit resources for agricultural enterprises.What’s more,differentiation policies can be formulated acc

关 键 词：定向降准 农业企业 企业投资 双重差分 

分 类 号：F302.6[经济管理—产业经济] F324F832