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The Impact Of Directional Rrr Reduction Policy On Small And Medium-sized Listed Banks Supporting Agricultural Small Loans

Posted on:2020-12-16Degree:MasterType:Thesis
Country:ChinaCandidate:Y F MaFull Text:PDF
GTID:2439330572998682Subject:Finance
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China's economy has achieved remarkable progress after more than 30 years of medium-to-high-speed growth,but emerging markets have brought challenges to China's development.Meanwhile,we entered a period of strategic opportunities for economic transformation and upgrading.In order to adapt to the development of emerging economies,China Stepped into the "new normal" of the economy.The “money shortage”occurred in June 2013 interested all parties about the liquidity in China's financial market and financial system.In order to "deleveraging" and control the liquidity of the financial system strictly,China's monetary policy has changed from the benchmark interest rate and the scale of credit to a targeted adjustment and monetary policy.Since April 2014,the central bank has implemented more than ten implementations of targeted RRR cuts.Each of the RRR cuts seemed not to cause much repercussions,but it has released a large amount of liquidity funds.The original intention of the central bank promoting the targeted RRR reduction policy is to support the development of agriculture-related enterprises and medium-sized enterprises.It aims to help “deleveraging” and “new normality”,but whether the implementation of the targeted RRR reduction policy truly releases the liquidity of the released liquidity of Agriculture related enterprises and small and micro enterprises are not clear.Since the implementation of the directional RRR decision policy is not very long,the domestic academic circles are rare on the directional control monetary policy.Based on the research on the relevant basic theories,this paper establishes a theoretical model and show the results directly.The implementation effect is clearly expressed.Through the analysis of the data,the conclusions are drawn to understand how the targeted RRR decision will affect small and medium-sized listed banks,and what impact it will have.This paper takes the small and medium-sized listed banks as the rational brokers and the preconditions,takes commercial banks pursuing the maximization of profits as the preconditions,constructs the theoretical model,and put enjoying the targeted RRR cut-off policy as the explanatory variable,capital adequacy ratio,non-performing loan ratio,and provision coverage.Rate is used as a control variable to organize,analyze,and study the data.The results show that: First,the implementation of the targeted RRR reduction policy is beneficial to commercial banks to invest the flow of credit funds to agribusiness and small and micro enterprises,increase the proportion of loans related to agriculture and small and micro enterprises to total loans,and adjust the credit structure.Second,the capital adequacy ratio of commercial banks does not meet the requirements,or the monetary authorities' requirements for increasing the capital adequacy ratio of commercial banks based on market development will weaken the implementation effect of the targeted RRR cuts,and to some extent reduce commercial banks to agriculture-related enterprises and small The intensity of micro enterprise loans.This paper screens and publishes the data disclosed in the annual financial reports of 21 listed commercial banks from 2013 to 2017,and uses the double difference model to empirically test the impact of targeted RRR reduction on small loans of small and medium-sized listed banks.Further,using the double differential propensity score matching model to verify whether the targeted RRR cut policy actually affects the loan amount of small and medium-sized listed banks to agribusiness and small and micro enterprises.Finally,the capital adequacy ratio is introduced into the model,and the three interaction items are constructed.The triple difference is used to study whether the bank capital will affect the transmission effect of the targeted RRR reduction policy.Through the empirical test,the following conclusions can be drawn: First,from the scale of loans issued by small and medium-sized listed banks,banks that enjoy the targeted RRR reduction policy have promoted the small and medium-sized listed banks to support small farmers."The issuance of loans;from the perspective of the structure of bank loans,the policy of targeted RRR reduction has enabled small and medium-sized listed banks to issue loans to agricultural enterprises in the total amount of loans,and small and medium-sized listed banks to provide loans to small and micro enterprises in total loans.The proportion of the increase has been increased.Secondly,the double-difference analysis is carried out after the propensity score matching of the whole sample data,which solves the influence of the endogenous factors that may play the role of the targeted RRR reduction policy,and more clearly defines the targeted RRR reduction policy.The impact on small and medium-sized listed banks supporting small loans was significant.The implementation of the targeted RRR cuts promoted the increase in the percentage of small loans of small and medium-sized listed banks in the total amount of loans,and further clarified the targeted RRR.The role of policy;third,with the increase in bank capital,that is,capital adequacy ratio,commercial banks The increase in loans,issuing loans to small and micro enterprises have certain degree of reduction.Through the research,this paper finds that the implementation of the targeted RRR reduction policy can play its guiding role,guide the flow of credit funds to agribusiness and small and micro enterprises,and increase the tendency of commercial banks to lend to agriculture-related enterprises and small and micro enterprises,but to the greatest extent.To achieve its expected results,it needs to be supplemented by a certain macroeconomic policy,as well as some other policy measures.Correspondingly,the monetary supervision department should carry out differential supervision on the capital adequacy ratio,maintain or improve the capital adequacy ratio requirements of other project loans,reduce the capital adequacy ratio requirements for agricultural loans and small and micro enterprise loans,and increase the The support of small and micro enterprises which have contributed to building a platform of agriculture-related enterprises and small and micro enterprises.
Keywords/Search Tags:directional reduction policy, the small and medium-sized listed banks, supporting agriculture&small, DID-PSM model
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