The Impact of Central Bank Collateral Expansion on the Transformation and Upgrading of Polluting Enterprises
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.
central bank collateral expansionpolluting enterprisestransformation and upgradingtechnological innovationfinancing costs
万方数据
维普
