央行担保品扩容对重污染企业转型升级的影响机理研究  

The Impact of Central Bank Collateral Expansion on the Transformation and Upgrading of Polluting Enterprises

作　　者：李静萍[1] 栗文 LI Jing-ping;LI Wen(School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《经济体制改革》2024年第2期130-137,共8页Reform of Economic System

基　　金：山西省高等教育人文社会科学重点研究基地项目“‘双碳’背景下绿色金融推动山西能源革命路径探析”(20210110);山西省社会科学界联合会重点课题研究项目“地方金融监管体系建设路径研究”(SSKLZDKT2022062)。

摘　　要：央行担保品扩容作为支持金融直达实体经济的重要举措之一,其微观政策效果受到广泛关注。以2018年6月中国央行将绿色资产纳入合格担保品范围为准自然实验,选取2013~2021年沪深A股上市公司样本,运用PSM-DID模型检验央行担保品扩容对重污染企业转型升级的影响,并重点考察其影响机理。研究表明:央行担保品扩容显著推动了重污染企业转型升级;产权异质性分析表明,相较于非国有重污染企业,国有重污染企业转型升级的提升效果更大;影响机制分析表明,央行担保品扩容可通过对技术创新的“倒逼”效应和融资成本的“激励”效应,推动重污染企业转型升级。因此,应进一步完善央行担保品框架,加强对非国有重污染企业转型升级的引导作用,疏通技术创新和融资成本的传导渠道,推动新型货币政策工具更加精准有力。As an important measure to support the direct financing of the enterprises,the central bank collateral framework expansion attracts widespread attention for its micro-policy effects.Taking the inclusion of green assets in the qualified collateral scope by the People's Bank of China in June 2018 as a quasi-natural experiment,a sample of shanghai and shenzhen A-share listed euterprises from 2013 to 2021 is selected,the PSM-DID is used to examine the impact of central bank collateral expansion on the transformation and upgrading of polluting enterprises,with a particular focus on exploring mechanisms.The findings indicate that the expansion of central bank collateral significantly promotes the transformation and upgrading of polluting enterprises.Analysis of ownership heterogeneity reveals that state-owned polluting enterprises experience greater improvement in transformation and upgrading compared to non-state-owned enterprises.The impact mechanisms analysis demonstrates that the expansion of central bank collateral facilitates the transformation and upgrading through the pressure effect on technological innovation and the incentive effect on financing costs.Therefore,we should further enhance the unconventional monetary policy tools,strengthen guidance for the transformation and upgrading of non-state-owned polluting enterprises,smooth the transmisson channels for technological innovation and financing cost,and promote the implementation of policy.

关 键 词：央行担保品扩容 重污染企业 转型升级 技术创新 融资成本 

分 类 号：F832[经济管理—金融学]