结构性货币政策的减污降碳效应研究--兼论MLF担保品扩容的结构性效应  

Research on the Pollution and Carbon Reduction Effects of Structural Monetary Policy--Also Discussing the Structural Effects of MLF Collateral Expansion

作　　者：闫禹彤 史桂芬[1] 薛佳欣 YAN Yu-tong;SHI Gui-fen;XUE Jia-xin

机构地区：[1]东北师范大学经济与管理学院,长春130117 [2]中国共产党佳木斯市委员会党校经济学教研室

出　　处：《现代金融研究》2025年第2期61-71,共11页Journal of modern finance

摘　　要：本文以PSM-DID模型分析2018年6月中期借贷便利(MLF)合格担保品扩容对企业污染排放的影响。实证结果验证了MLF担保品扩容的减排效果。该政策影响企业污染排放的机制在于:一是降低企业融资成本并增加长期资金供给;二是提升企业环境信息披露质量、降低绿色项目的信息不对称风险;三是分担绿色创新活动的成本和风险、助力绿色金融机制建设。异质性分析表明,产权性质、企业生命周期和地区经济增长压力会对MLF作用效果产生影响;企业股权融资与担保品政策存在替代关系,绿色财政支出也影响了MLF政策的作用效果。This paper uses the PSM-DID model to analyze how the expansion of mid-term lending facility(MLF)eligible collateral pool in June 2018 affect corporate pollution emissions.The empirical results have verified the emission reduction effect of the expansion of MLF collateral.The first mechanism by which this policy affects corporate pollution emissions is reducing corporate financing costs and increasing long-term funding supply.The second mechanism is improving the quality of corporate environmental information disclosure and reducing the risk of information asymmetry in green projects.The third one is sharing the costs and risks of green innovation activities and assisting in the construction of green finance mechanism.Heterogeneity analysis shows that the nature of property rights,enterprise lifecycle,and the pressure of regional economic growth have an impact on the effectiveness of MLF.There is a substitution relationship between corporate equity financing and collateral policies,and green fiscal expenditures also affect the effectiveness of MLF policies.

关 键 词：中期借贷便利 担保品扩容 企业排污 约束激励机制 

分 类 号：E58[军事—军事理论] G38[文化科学] Q53[生物学—生物化学]