信用环境、定向降准与小微企业信贷融资——基于合成控制法的经验研究

信用环境建设作为一项国家正大力推进的基础性金融工作,有助于缓解信息不对称。作为地方政府,如何推进信用环境建设落地成为当前的执政之要。浙江省台州市通过搭建信用信息共享平台进行了积极尝试,目前全国已有20多个地区复制推广,但是这一举措对增加小微企业信贷获取是否明显有效,学术界鲜有研究。本文基于2012—2015年城市层面季度数据,采用合成控制法,研究信用环境建设中信用信息平台的搭建对银行发放小微企业贷款的影响。研究发现,信用信息平台搭建有效地促进了银行发放小微企业贷款,但其作用效果还受到当时宏观政策背景的影响,并非一直显著。进一步使用农村商业银行微观数据研究表明,地方信用环境建设能够促进中央银行的定向降准政策在地方上发挥“支小”作用,并且随着信用环境建设质量的提升,享受定向降准政策优惠的银行其风险承担意愿也在增强,对小微企业“敢贷、愿贷”。本文的研究发现既是对“加强营商环境建设”这一决策部署的学术回应,也为“精准滴灌”货币政策的实施提供了有益参考。

Credit Environment,Directional RRR Cut Policy and the Small and Micro Enterprises Credit Financing——Empirical Research Based on Synthetic Control Method

As a financial infrastructure,improving the credit environment helps to alleviate the information asymmetry and is being vigorously promoted by the state.How to promote the construction of the credit environment has become on top of the agenda for local governments.Taizhou City in Zhejiang Province has made attempts to build a credit information sharing platform,a practice promoted and replicated in more than 20 regions.However,there is no empirical evidence about whether this measure is effective in alleviating the credit financing problems of small and micro enterprises.Based on the quarterly data of prefecture-level cities in 2012—2015,this paper uses the synthetic control method to study the impact of credit environment construction,represented by the credit information platform building,on lending to small and micro enterprises.It shows that the credit information platform effectively promoted banks to lend to small and micro enterprises,but its effect was not always significant as it was also affected by the macroeconomic policy at that time.Further research on micro-data of rural commercial banks shows that the better the local credit environment,the more favorable the central bank s targeted RRR cut decision is to small and micro enterprises,and the more risk-taking banks benefiting from the targeted RRR policy,so that they are more“daring and willing to lend”to small and micro enterprises.The findings of this paper are not only an academic response to the decision of“enhancing the construction of business environment”,but also provide a useful reference for the good transmission of“targeted drip irrigation”monetary policy.