Does Central Bank Collateral Expansion Influence Firms'Investment Risk Appetite?
The impact of central bank collateral policy,as an important tool of monetary policy to increase credit for enterprise financing,has received increasing attention.Based on the perspective of enterprise investment risk prefer-ence,the enterprise investment risk preference index is constructed from massive annual report text information by text mining technology,and the impact of central bank collateral policy on enterprise investment risk preference is analyzed by DID method.The study shows that the central bank's collateral expansion policy significantly boosts firms'invest-ment risk appetite.The mechanism test finds that the policy effect stems from its"cost incentive effect"and"scale radia-tion effect"on enterprises issuing AAA-rated bonds after 2013.In addition,the policy effect is also influenced by the region where the firm is located,the size of the firm,the industry,and the background of the executives.This paper focuses on the potential risks associated with the central bank's collateral expansion policy,which is of reference signif-icance for comprehensively assessing the economic impact of the central bank's collateral policy and improving the mon-etary policy framework.
central bank collateral policycorporate investmentrisk preferencetext mining techniques
NETL
NSTL
万方数据
