Inclusive Finance Targeted Reduction Of Reserve Rate Policy Constraints On Enterprise Financing Impact Study

Agriculture is the great cause of our country and the foundation of our country;Small and micro enterprises are the key to innovation,opening the door to future technology.In recent years,the difficulty and high cost of financing for agriculture,rural areas,and small and micro enterprises have become commonplace topics.On the one hand,the financing channels for agriculture and small and micro enterprises are limited.Even if they successfully go public and enter the capital market after a few years of good operation,from the perspective of the company’s balance sheet,their main source of funding is still bank loans;On the other hand,due to the small scale and high risk of agriculture and small and micro enterprises themselves,as well as the degree of information asymmetry and high financing costs,"agriculture,rural areas,and small and micro enterprises" have high financing constraints.The development of enterprises cannot do without the support of funds.In recent years,in order to solve this problem,the government has introduced many relevant policies on expanding financing channels and strengthening support for enterprises.The People’s Bank of China launched and implemented the targeted reduction policy of inclusive finance in 2018.This policy is an expansion and optimization of the original targeted reduction policy according to the deployment of the State Council,targeting a wider range of targets and stronger inclusive effects.This article is based on the impact of macro monetary policy on micro enterprises,and combines the latest macro strategic background to test the effectiveness of dynamic targeted reserve requirement reduction policies.Empirical methods are used to test the impact of inclusive financial targeted reserve requirement reduction policies on financing constraints for agriculture,rural areas,and small and micro enterprises.Specifically,this article includes the following steps: Step 1,organize and describe the literature on targeted reserve requirement reduction policies for inclusive finance and corporate financing constraints at home and abroad;The second step is to analyze the policy transmission mechanism based on the current situation of agriculture and small and micro enterprise financing in China,and explain how the targeted reduction policy of inclusive finance affects the financing constraints of enterprises,and then propose the research hypothesis of this article;The third step is to conduct empirical testing.Select the annual financial data of agricultural listed companies and small and micro enterprises on the New Third Board in China’s A-share market from2014 to 2021.After screening non agricultural listed companies and medium-sized enterprises,drawing on the research ideas,methods,and achievements of existing scholars on targeted reserve requirement reduction policies,using Stata software,a double difference(DID)model is constructed to empirically test the impact of inclusive financial targeted reserve requirement reduction policies on financing constraints in China’s agriculture and small and micro enterprises.The results indicate that there is heterogeneity in the effectiveness of targeted reduction of reserve requirements for inclusive finance,and the easing of financing constraints for "agriculture,rural areas,and farmers" enterprises is not significant,while the effect on small and micro enterprises is significant.Finally,the following suggestions are proposed based on the conclusion:(1)Combining multiple policy coordination and cooperation to improve the effectiveness of policy implementation;(2)Establish a sound information disclosure system to ensure smooth transmission of market signals;(3)Establish a dynamic assessment mechanism to stimulate the participation motivation of banks;(4)Establish and improve risk prevention and control mechanisms,and scientifically and effectively implement targeted reserve requirement reduction policies for inclusive finance.