央行货币政策创新的绿色效应:来自绿色债券纳入合格担保品的准自然实验证据  

The Green Effect of Central Bank Monetary Policy Innovation:Quasi-natural Experimental Evidence from the Inclusion of Green Bonds in Qualified Collateral

作　　者：陈若愚 王国庆 丁忠明[1] 张珩 Chen Ruoyu;Wang Guoqing;Ding Zhongming;Zhang Heng

机构地区：[1]安徽财经大学金融学院 [2]中南财经政法大学金融学院 [3]中国社会科学院金融研究所

出　　处：《投资研究》2024年第10期45-59,共15页Review of Investment Studies

基　　金：国家社科基金重大项目“实现碳达峰碳中和目标的金融支持研究”(22ZDA112)的资助。

摘　　要：本文利用绿色金融债券市场的日度数据和双重差分模型分析我国央行货币政策创新的绿色效应。研究发现,我国央行将绿色金融债券纳入合格担保品范围能够使绿色金融债券与非绿色金融债券的收益率之差增加20个基点;该政策效果在高信用评级债券、政府支持银行和位于绿色金融改革实验创新区银行所发行的债券中更加显著。为此,本文提出央行可综合运用担保品框架下的货币政策工具,强化货币政策的定向调控功能,助力我国“30·60”双碳目标的实现。This paper analyzes the green effect of China's central bank's monetary policy innovation by using the daily data of the green financial bond market and the difference-difference model.The results show that China's central bank's inclusion of green financial bonds in the scope of qualified collateral can increase the yield difference between green financial bonds and nongreen financial bonds by 20 basis points;The effect of this policy is more significant in bonds with high credit ratings,government-backed banks and those issued by banks located in the green finance reform experimental innovation zone.Therefore,this paper proposes that the central bank can comprehensively use the monetary policy tools under the framework of collateral,strengthen the targeted regulation function of monetary policy,and help the realization of China's"30-60"double carbon goal.

关 键 词：新型货币政策 绿色债券 担保品渠道 准自然实验 

分 类 号：F832.51[经济管理—金融学] F822.0[环境科学与工程—环境科学] X196