摘要
本文从普惠金融资金供给端和需求端出发,分别阐释了定向降准政策和企业所得税优惠政策影响小微企业信贷融资的作用机制。在此基础上,利用2012—2016年全国企业调查数据,采用三重差分法检验定向降准和企业所得税优惠政策同时实施时对小微企业获取信贷资源产生的引导作用,并进一步探讨了地区金融发展水平和企业属性对普惠金融发展政策实施效果的异质性影响。研究发现,定向降准和企业所得税优惠政策配套实施能够产生"1+1>2"的叠加"普惠"效应,小微企业信贷可得性显著增加、信贷融资成本显著降低,但是负债结构合理性没有显著提高。异质性检验结果表明,实施普惠金融发展政策有利于减弱"信贷歧视",从而优化金融资源配置。此外,金融发展水平较高地区,普惠金融发展政策调控效果更佳。
From the supply side and the demand side of Inclusive Finance,this paper explains the mechanism of the targeted RRR cuts and the preferential policies of enterprise income tax affecting the credit financing of small and micro enterprises.Then,based on the national enterprise survey data from 2012 to 2016,this paper uses the triple difference method to test the guiding role of the targeted RRR cuts and enterprise income tax policies on small and micro enterprises’access to credit resources.Furthermore,the paper discusses the heterogeneous influence of regional financial development level and enterprise properties on the implementation effect of inclusive financial development policies.The results show that the implementation of the two kinds of policies can produce a"1+1>2"superimposed inclusive effect,which leads to a significant increase in the availability of credit and a significant decrease in the cost of credit financing for small and micro enterprises,but the rationality of debt structure has not been significantly improved.The heterogeneity test results show that the implementation of inclusive financial development policy is conducive to weakening the"credit discrimination",so as to optimize the allocation of financial resources.In addition,the regulatory effect of inclusive financial development policy is better in areas with higher level of financial development.
作者
朱诗怡
张凯
Zhu Shiyi;Zhang Kai
出处
《财政研究》
CSSCI
北大核心
2021年第5期102-115,共14页
Public Finance Research
基金
教育部人文社会科学重点研究基地重大项目“中国经济特区创新驱动发展的金融支持研究”(14JJD790041)
关键词
定向降准
所得税优惠
叠加“普惠”
三重差分法
Targeted RRR Cuts
Income Tax Preference
Superimposed Inclusive Effects
Triple Difference Method
作者简介
朱诗怡,深圳大学经济学院博士研究生,电子邮箱:2160050201@email.szu.edu.cn;通讯作者:张凯,深圳大学微众金融科技学院(南特商学院)院长、教授、博士生导师,电子邮箱:kaizhang@szu.edu.cn。
