The Impact Of The Targeted Reduction Of Reserve Rate On The Availability Of Credit For Agricultural Enterprises

Agriculture plays an important role in China’s economic development.However,due to the outbreak of the financial crisis in 2008 and the impact of the COVID-19 epidemic on the economy in 2020,the proportion of agricultural economic added value in the added value of GDP began to decline.And because of the credit rationing problem caused by the information asymmetry in the credit market,it is difficult for agricultural enterprises to obtain the funds needed for operation and development.In order to solve the problems of difficult and expensive credit financing for agricultural enterprises,the central bank issued a targeted policy of reducing the reserve requirement.By sorting out and analyzing the implementation of the targeted rate reduction policy over the years,it can be found that the number of times and strength of the targeted rate reduction policy have been significantly improved since 2018.The central bank has high hopes for using the targeted rate reduction policy to adjust the economic structure,alleviate the downward pressure of the economy,and solve the problems of "agriculture,rural areas,and farmers" and the financing difficulties of small and micro enterprises.Study the effect of the targeted reduction policy on agricultural enterprises and the effect of the implementation of multiple policies on the implementation of a single policy.It can help the monetary authorities to formulate a reasonable monetary policy implementation plan,and consider the impact of the implementation of multiple policies on the implementation effect of a single policy when formulating the plan,so as to make a reasonable plan and maximize the effectiveness of the policy.The research of domestic and foreign scholars on the structural monetary policy to alleviate the downward pressure of the economy and help the economic development,as well as the research of domestic scholars on the implementation of the targeted reduction of the reserve rate and its impact mechanism,provide a reference direction for this article.On the basis of the existing theories,on the one hand,in order to study the impact of the targeted reduction policy on the availability of credit for agricultural enterprises,this paper starts from two angles of credit rationing type and credit scale rationing.On the other hand,in order to better analyze the beneficial effects of the targeted reduction policy on farmers,this paper also studies the impact of the implementation of the targeted reduction policy on the operating performance of agricultural enterprises.This paper selects the propensity score matching model and the double difference model(PSM-DID).Select the covariates that affect credit financing,use the propensity score matching model(PSM)to process the data,set up a control group and an experimental group,and horizontally analyze the impact of the targeted reduction policy on agricultural enterprises.Select the quarterly indicator data from2012 to 2022,and analyze the impact of the targeted reduction policy on the credit and operation quality of agricultural enterprises before and after its promulgation.Considering that the implementation of other monetary policies at the same time may have an impact on the effectiveness of the targeted RRR reduction policy during the implementation of the targeted RRR reduction policy,in order to achieve the accuracy and scientificity of the conclusion,control variables are added to the double difference model(DID)to study the impact of the simultaneous implementation of the comprehensive RRR reduction policy and the agricultural re-loan policy on the implementation effect of the targeted RRR reduction policy,The results of the double difference model(DID)are regressed using stata16.0 software,and the research conclusions are drawn.Through the analysis of the regression results,this paper draws the following conclusions: First,the implementation of the targeted reduction policy will help to alleviate the scale of agricultural enterprise credit rationing.2 The targeted policy of reducing the reserve rate cannot alleviate the type of credit rationing of agricultural enterprises.3.The comprehensive policy of reducing the interest rate will not affect the effect of the targeted reduction on the type of credit rationing of agricultural enterprises,but will weaken the impact of the targeted reduction on the scale of credit rationing of agricultural enterprises.4 The re-loan policy for supporting agriculture will not affect the effect of the targeted reduction of the reserve rate on the type of credit rationing of agricultural enterprises,nor will it weaken the impact of the targeted reduction of the reserve rate on the scale of credit rationing of agricultural enterprises.5 The implementation of the targeted reduction of the reserve rate will contribute to the growth of the operating performance of agricultural enterprises.