Scholarlink

<p>This study examines the causal effect of targeted monetary policy (TMP) on loan availability for small and micro enterprises (SMEs). Using annual Chinese firm-level data from 2010 to 2022 and employing a staggered difference-in-differences strategy that leverages the implementation of China’s TMP as a quasi-natural experiment, we find that TMP increases SMEs’ loan sizes unevenly, with elite SMEs benefiting more than ordinary SMEs. Moreover, TMP increases SMEs’ loan costs rather than reducing them. Mechanism tests show that bank competitive strategies moderate these unintended effects. Decreasing the cost-leadership strategy reduces uneven increases in SMEs’ loan sizes, while increasing the concentration strategy lowers SMEs’ loan costs. Furthermore, we find that SMEs, having obtained additional loan size from TMP, enhance their investments in fixed and financial assets, and utilize bank credit as a substitute for trade credit. Overall, this study highlights the unintended effect of TMP on SMEs’ loan availability. A key recommendation is that TMP be implemented with bank competitive strategy reforms to enhance SMEs’ loan accessibility during economic transitions.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Targeted monetary policy and loan availability for small and microenterprises: A bank competitive strategy perspective

  • 期刊论文

  • 发表日期：

    2026年3月25日

查看全文
  • Xiaohua Zhou,
  • Suijia Li,
  • Hui Xu,
  • Huimin Liu

摘要

This study examines the causal effect of targeted monetary policy (TMP) on loan availability for small and micro enterprises (SMEs). Using annual Chinese firm-level data from 2010 to 2022 and employing a staggered difference-in-differences strategy that leverages the implementation of China’s TMP as a quasi-natural experiment, we find that TMP increases SMEs’ loan sizes unevenly, with elite SMEs benefiting more than ordinary SMEs. Moreover, TMP increases SMEs’ loan costs rather than reducing them. Mechanism tests show that bank competitive strategies moderate these unintended effects. Decreasing the cost-leadership strategy reduces uneven increases in SMEs’ loan sizes, while increasing the concentration strategy lowers SMEs’ loan costs. Furthermore, we find that SMEs, having obtained additional loan size from TMP, enhance their investments in fixed and financial assets, and utilize bank credit as a substitute for trade credit. Overall, this study highlights the unintended effect of TMP on SMEs’ loan availability. A key recommendation is that TMP be implemented with bank competitive strategy reforms to enhance SMEs’ loan accessibility during economic transitions.