MLF担保品扩容政策的绿色效应研究——基于绿色债券融资成本视角

The Green Financing Effect of the MLF Collateral Expansion Policy——Based on the Perspective of Green Bonds Financingg Costs

本文选取2016-2020年在银行间市场发行的2662只债券作为样本,运用DID模型和PSM-DID模型考察2018年我国央行将绿色债券纳入合格担保品范围的政策对绿色债券融资成本的影响,从担保措施和第三方绿色评估认证两个方面检验增信行为的调节机制。研究结果表明:MLF担保品扩容政策显著降低了基础设施绿色升级、清洁能源产业和节能环保产业的绿色债券融资成本,清洁生产产业绿色债券融资成本无显著变化。该政策下,担保措施无法降低绿色债券融资成本,第三方绿色评估认证提高了绿色债券融资成本。我国央行应加强监管,确保绿色债券增信行为的有效性,引导绿色债券资金投向绿色创新项目,助力企业绿色转型提质增效和经济高质量发展。

In June 2018,the People's Bank of China gave priority to accepting green bonds as collateral for the Medium-Term Lending Facility(MLF),aiming to stimulate financial institutions to channel more funds into the green economy.This paper uses DID and PSM-DID models to examine the impact of the MLF collateral expansion policy on the financing costs of green bonds based on 2662 bonds issued in the inter-bank market from 2016 to 2020.It is found that the MLF collateral expansion policy significantly reduces the green bonds'financing costs,and has a heterogeneous effect on dfferent fundraising purposes,in which the financing costs of green upgrading of infrastructure,clean energy industry,energy saving and environmental protection industry has been significantly reduced,but no significant change can be identified in the clean production industry.Moreover,green bonds are important financial tools for high-polluting enterprises,but there is no significant difference between the financing costs of green bonds and corporate bonds issued by those high-polluting enterprises.This indicates that the policy cannot function as a transformational financial tool at present.Furthermore,guarantee measures and third-party certifications are the main mechanisms affecting the green bonds'financing costs.However,with the aid of MLF collateral expansion policy,guarantee measures have no significant effect on the financing costs of green bonds,while third-party certification increases the financing costs of green bonds.Combining the above findings,this paper puts forward the following policy recommendations.Firstly,MLF collaterals should explicitly incorporate types of green bonds such as clean energy industry,energy saving and environmental protection industry,so as to encourage enterprises to increase investments in green technology innovation.Secondly,exploring the transformational financial solutions of MLF collateral expansion policy is necessary,which is likely to help high-polluting enterprises to close the green capital gap.Last but not least,clarify the limitations of credit increase behavior in reducing the financing costs of green bonds,and strive to standardize the credit increase system of the green bond market.