结构性货币政策对绿色企业全要素生产率的影响

The Impact of Structural Monetary Policy on Total Factor Productivity of Green Firms

结构性货币政策对于精准支持绿色企业发展具有重要作用,本文以2018年央行担保品框架扩容这一结构性货币政策为准自然实验,借助双重差分模型研究央行将绿色债券纳入担保品框架后对绿色企业全要素生产率的影响。研究发现:担保品框架扩容可以显著提升绿色企业的全要素生产率。企业异质性研究发现担保品框架扩容对民营绿色企业全要素生产率的提升显著高于国有绿色企业;区域异质性研究发现担保品框架扩容对于处在金融发达地区的绿色企业全要素生产率的提升更为显著;行业异质性研究发现央行将绿色债券纳入担保品框架后更能促进专利密集行业中绿色企业全要素生产率的提升。进一步研究发现担保品框架扩容有效缓解了绿色企业融资约束,提升了企业的绿色创新水平,有助于绿色企业提升全要素生产率。

Structural monetary policy plays an important role in precisely supporting the development of green enterprises.This paper takes the expansion of the central bank’s collateral framework in 2018 as a quasi-natural experiment of structural monetary policy,and uses the Difference-in-Differences model to study the impact of the central bank’s inclusion of green bonds into the collateral framework on the total factor productivity of green enterprises.The study found that the expansion of the collateral framework can significantly improve the total factor productivity of green enterprises.Heterogeneity analysis revealed that the expansion of the collateral framework had a significantly higher impact on the total factor productivity of private green enterprises than that of state-owned green enterprises.Regional heterogeneity analysis found that the expansion of the collateral framework had a more significant impact on the total factor productivity of green enterprises in financially developed regions.Industry heterogeneity analysis found that the inclusion of green bonds into the collateral framework by the central bank can better promote the improvement of total factor productivity of green enterprises in patent-intensive industries.Further research found that the expansion of the collateral framework effectively alleviated the financing constraints of green enterprises,improved their green innovation level,and helped green enterprises improve their total factor productivity.