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| XIAO Hong1, QIU Yizheng2, LIU Qiaoyu3 |
1. School of Management, Xiamen University
2. School of Finance, Zhejiang Gongshang University
3. Quanzhou Fengze Tianquan Investment Consulting Limited Partnership
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Abstract: In this paper, the implementation of counter-cyclical credit policies to hedge against the impact of COVID-19 is taken as a quasi-natural experiment, and the PSM-DID model is used to measure the operational efficiency consequences of counter-cyclical credit policies for real enterprises (i. e. the utility of counter-cyclical credit policies), and to investigate the micro transmission mechanism and path of corporate balance sheet channel and bank risk-taking channel. This paper further analyzes the heterogeneity of the effectiveness of counter-cyclical credit policies. It is found that the implementation of counter-cyclical credit policies has significantly repaired the operational efficiency of real enterprises and has a dynamic marginal increase with time. At the same time, the policy has the characteristics of “dual channel” transmission, mainly through the effect of adjustment. In addition, the effectiveness of the counter-cyclical credit policies is affected by the heterogeneity of the enterprise nature, industry and region, and the counter-cyclical credit policies significantly improve the operating efficiency of private enterprises. The conclusion of this study not only expands the existing literature, but also provides a reference for improving the design and regulation mechanism of the counter-cyclical credit policies.
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Received: 26 October 2021
Published: 15 June 2022
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Corresponding Authors:
QIU Yizheng
E-mail: qiuyiz@163.com
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2022, Vol. 42 
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