央行担保品扩容、企业融资能力与绿色创新效率——基于企业绿色债券视角

The Impact of Central Bank Collateral Expansion on Corporate Financing Capacity and Green Innovation Efficiency——Evidence from Green Bonds

为加强货币政策有效调控,以绿色技术创新推动绿色产业高质量发展,使用多时点双重差分模型,探究央行担保品扩容政策对企业融资能力和绿色创新效率的影响,研究发现:央行担保品扩容政策能显著提升发债企业的融资能力和绿色创新效率,且在国有企业和污染企业中政策效果更明显;扩容政策效果通过降低融资约束来提高融资能力进而显著提升企业绿色创新效率,对质量和数量创新效率同样具有显著提升作用;当企业经济不确定性低、商业信用环境好和行业垄断程度高时,扩容政策的传导效果更显著;扩容政策效果存在区域差异性,在科技金融结合试点城市和非绿色金融改革试验区效果更明显。

In order to strengthen the effective regulation of monetary policy and promote the high-quality development of green industry with green technology innovation,this study utilizes a multi-point difference-in-difference model to investigate the impact of Central Bank collateral expansion policies on corporate financing capacity and green innovation efficiency.The findings reveal that these policies significantly enhance the financing capacity and green innovation efficiency of bond-issuing companies,with more pronounced effects noted in state-owned and pollution-intensive enterprises.The impact of the expansion policy improves financing capacity by alleviating financing constraints,thereby significantly boosting corporate green innovation efficiency,affecting both the quality and quantity of innovation efficiency similarly.The transmission effect of the policy is more evident when economic uncertainty is low,the business credit environment is favorable,and the degree of industry monopolization is high.The policy effect of the expansion policy also demonstrates regional differences,with more obvious effect in the pilot cities of technology and finance integration and non-green finance reform pilot areas.