An Empirical Study Of Targeted RRR Policy On Credit Regulation Of Commercial Banks

At present,China has entered the new normal of economy.The imbalance of demand structure,industrial structure and other multiple economic structures is becoming increasingly obvious.The economic structure urgently needs transformation and adjustment.Three rural and small micro-business are important parts of the economic structure,and their development process needs the support of credit.The profit-seeking behavior of financial institutions makes credit resources incline to industries and industries with credit advantages and less credit risk,which causes the phenomenon of financing difficulty and high financing cost of three rural and small micro-business,and the imbalance of credit structure is serious.The traditional monetary policy has the nature of total adjustment and control,which can not guide the investment direction of credit funds,making the weak links of economy such as three rural and small micro-business lack serious liquidity,thus aggravating the imbalance of economic structure.Targeted reduction is one of the most frequently used structural monetary policies of the central bank under the new normal of economy.Through directional structural regulation and control,the total investment is replaced by precise investment,so as to guide the flow of funds to the three rural areas and small and micro enterprises,optimize the credit structure and improve the economic structure.At present,the research on the effect of monetary policy is mainly focused on the effect of aggregate regulation,and there are still doubts about whether monetary policy can play a role of structural regulation.Aiming at the policy orientation of"monetary policy should effectively alleviate the financing difficulties and expensive problems of the real economy,especially the private and small and micro enterprises",which is emphasized in the 2019 government work report,this paper studies the impact of targeted reduction of monetary policy on the credit structure regulation of commercial banks.In terms of research methods,this paper mainly adopts the current situation analysis method and empirical research method.According to the analysis of the current situation,it is preliminarily determined that the targeted monetary policy can produce structural regulation effect and guide the flow of credit to the three rural areas and small and micro enterprises.Then 66 banks are selected as the main research objects,and a fixed effect model is established to analyze the effect of the monetary policy on the credit structure of commercial banks.Through the research,we can see that the monetary policy of targeted reduction has a significant effect on the credit regulation of commercial banks.From the perspective of the banking institutions implementing the policy,the effect of the monetary policy of targeted reduction on different types of banks is different.Amongthem,the effect of the monetary policy of targeted reduction on urban commercial banks is better than that of joint-stock commercial banks and rural commercial banks,and the effect on Rural Commercial Banks is the least.From the perspective of the target orientation of the implementation of the policy,the monetary policy of the policy can guide banks to invest credit in three rural and small micro-business,but the effect on three rural and small micro-business is different,and the effect on agriculture,rural areas and micro enterprises is better than that on small and micro enterprises.In addition,the study also found that the credit changes of commercial banks are not only affected by monetary policy,but.also by the macro-economic factors GDP.growth rate,as well as the micro characteristics of banks themselves,such as non-performing loan rate and capital adequacy rate.The increase of GDP growth rate is conducive to the increase of credit scale of commercial banks;the higher the non-performing loan ratio and capital adequacy ratio of commercial banks,the smaller the credit scale.According to the results of the.study,some suggestions are put forward,such as further refinement of the implementation standards of the reduction,real-time adoption of different targeted reduction policies,and the need for a variety of policies and monetary policies to cooperate with the application.