Research The Inclusive Effect Of Targeted RRR Policy On Small And Micro Enterprises And Agriculture Enterprises

At present,China's economy is in a crucial period of transformation and upgrading.However,with the gradual opening of the capital market and the continuous innovation of financial products,the phenomenon of funds being diverted from real to virtual has become increasingly serious.The inability of the real economy to obtain adequate credit supply has triggered a series of operational risks.Some vulnerable economies like "agriculture,rural areas and farmers" and small and micro enterprises ",have become increasingly difficult to obtain credit support in this financial ecological environment.Based on this,the central bank has adopted the targeted RRR policy to guide funds into" agriculture,rural areas and farmers "and small and micro areas in order to alleviate the financing difficulty and high cost of vulnerable groups to some extent and achieve the financial inclusive effect.Because the targeted RRR reduction policy has the characteristics of non-imperative,financial institutions shall make a comprehensive choice whether to enjoy the policy preference or not according to their own operating characteristics.Therefore,it is of vital significance to carry out research and evaluation on the actual effect of the policy for the in-depth implementation of monetary policy.Existing literature on the effect of targeted RRR reduction policies is mostly focused on the macro level,The more concentrated research method is to verify the effect of policies through the officially released stock data,and the analysis of the micro subject affected by the policy is less.But in fact,the dynamic research in the micro field is helpful to clarify the policy transmission mechanism and feedback effect.Based on the micro perspective,this paper selects a representative L rural commercial bank for empirical research.According to the new corporate loan data of L rural commercial bank from 2009 to 2018,the qualitative and quantitative analysis is carried out by taking the "targeted reduction policy — L rural commercial bank's credit scale release — the inclusive effect of supporting small agricultural support" as the transmission path.The study found that the targeted RRR policy significantly promoted L Rural Commercial Bank's expansion of the total credit scale,and prompted it to adjust its credit structure,and increased financial support for the“agriculture,rural areas,and farmers” and small and micro sectors,but the effect of policy guidanceon capital inflow into small and micro fields is more significant.In addition,because there are many factors that affect the loan interest rate,the empirical results have not confirmed that the targeted RRR policy has the effect of alleviating financing costs.Based on the case study of L rural commercial bank,this paper puts forward three suggestions on improving the effectiveness of the targeted RRR policy: firstly,the targeted reduction policy should be matched with the total amount of monetary instruments to ensure that financial institutions release sufficient liquidity;secondly,the targeted RRR policy should be implemented more precisely to ensure that the policy benefits the "agriculture,rural areas and farmers" and small and micro enterprises;finally,the central bank should cooperate with relevant departments to promote the policy to take root and implement,so as to prevent the risk of retrograde market selection and reduce the loan interest rate of enterprises.