| Since April 25,2014,the People's Bank of China has began to implement the policy of Targeted RRR cuts,the "precision control" and"micro-stimulus" as the main features of the downward trend policy has gradually become the new norm of monetary policy operation.As of September 27,2017,the latest one,before and after the implementation of the policy down to ten times,the cumulative release of liquidity funds should not be underestimated.And the direction of the release of funds is accurate to the flow of three rural and small micro-business areas,has not yet formed a clear judgment.This paper attempts to explore the transmission mechanism of the directional reduction policy by constructing the theoretical model,and through empirical research to verify the impact of the preferential policies on the loans to China's commercial banks.This paper firstly constructs the theoretical model based on the rational man hypothesis of commercial bank's pursuit of profit maximization,and then extends and corrects the model by adding the directional derating variable and considering the capital supervision factor.Then,using the assumed series of constraints,Perform feature analysis.The results show that:First,the implementation of targeted policies will help to increase the proportion of loans to banks or small loans,that is,after the promulgation of the policy,the three rural or small micro enterprises can get more credit resources distribution.Second,the regulatory authorities to improve the capital adequacy ratio requirements or commercial banks have insufficient capital,will inhibit the approval of commercial banks to support agriculture or small loans issued.Third,the regulatory authorities to reduce the capital adequacy ratio regulatory requirements or commercial banks have sufficient capital,will be encouraged to obtain a targeted reduction of commercial banks to support agriculture or small loans issued.On the basis of the above,this paper uses the annual double-difference(DID)model of 66 commercial banks from 2012 to 2015 to study the impact of the implementation of the preferential policies on commercial banks,(DID)model for further verification,and finally constructs the triple difference model to test whether the bank capital changes the influence of the directional reduction policy on the commercial banks' support loans.The empirical results show that:(1)From the perspective of the number of loans,the policy of subsidy can help the commercial banks to support agriculture and support loans.Compared with the banks that do not enjoy the preferential policies,,The monetary policy can increase the proportion of commercial banks to agriculture and support in the total amount of loans compared with banks that do not enjoy targeted policies.(2)By analyzing the possible endogeneity of the directional decentralization policy,the regression analysis shows that the preferential policies can significantly increase the bank's support for small loans The proportion of the total and the proportion of the total loan,and further support the benchmark model regression results.(3)With the improvement of the bank capital level,it can enhance the incentive effect of the downward demand reduction policy on the banks to issue small loans,but suppress the incentive effect of the policy on banks to distribute agricultural loans.This paper argues that the policy of decentralization is indeed to a certain extent,improve the bank to the "three rural" enterprises and small and micro enterprises of the loan will,but the need for other macroeconomic policies such as fiscal policy coordination and cooperation,strengthen the finalization of the finalization effect.At the same time,the regulatory authorities will also implement the differential supervision of the capital adequacy ratio of the commercial banks to promote the balanced development of the three rural enterprises and the small and micro enterprises,while maintaining or continuing to raise the capital adequacy ratio of other types of loans. |
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