“绿色”窗口指导对“两高”企业非效率投资的影响

The Influence of "Green" Window Guidance on Inefficient Investment of "Two High" Enterprises

抑制“两高”企业过度投资,提高企业投资效率是推动经济绿色低碳转型的关键。2007~2021年,“绿色”窗口指导通过限制信贷投放以及强化融资约束遏制了“两高”企业的粗放扩张,减少了企业的非效率投资;“绿色”窗口指导显著提升了国有企业的投资效率,对劳动密集型“两高”企业的影响大于资本密集型企业。“绿色”窗口指导有效减少了污染物排放总量,并对经济增长总量和经济发展质量产生倒U型影响。以“绿色”窗口指导为代表的非市场化货币政策工具能够在优化绿色金融资源配置中发挥关键作用,但长期而言,政府还应积极主动构建市场、完善市场机制,持续推动经济高质量增长。

Improving the investment efficiency of the " two high" enterprises and restraining their over-investment are the key to promote the green and low-carbon economic transformation.From 2007 to 2021," green" window guidance reduces the inefficient investment of " two high" enterprises and prevents their extensive expansion by restricting credit issuance and strengthening financing constraints.The " green" window guidance has significantly improved the investment efficiency of state-owned enterprises,and its impact on labor-intensive " two high" enterprises is greater than that on capital-intensive enterprises.At the macro level,the " green" window guidance reduces the total amount of pollutants,and has an inverted U-shaped impact on economic growth and the quality of economic development." Green" window guidance as a typical non-market monetary policy tool can play a key role in optimizing the allocation of green financial resources.In the long run,the Central bank should focus on improving the efficiency of market-based tools to continuously promote economic growth.