The Impact of Central Bank Collateral Expansion on Corporate Financing Capacity and Green Innovation Efficiency——Evidence from Green Bonds
In order to strengthen the effective regulation of monetary policy and promote the high-quali-ty development of green industry with green technology innovation,this study utilizes a multi-point differ-ence-in-difference model to investigate the impact of Central Bank collateral expansion policies on cor-porate financing capacity and green innovation efficiency.The findings reveal that these policies signifi-cantly enhance the financing capacity and green innovation efficiency of bond-issuing companies,with more pronounced effects noted in state-owned and pollution-intensive enterprises.The impact of the ex-pansion policy improves financing capacity by alleviating financing constraints,thereby significantly boosting corporate green innovation efficiency,affecting both the quality and quantity of innovation effi-ciency similarly.The transmission effect of the policy is more evident when economic uncertainty is low,the business credit environment is favorable,and the degree of industry monopolization is high.The poli-cy effect of the expansion policy also demonstrates regional differences,with more obvious effect in the pilot cities of technology and finance integration and non-green finance reform pilot areas.
Central Bank collateral policygreen bondsfinancing capacitygreen innovation efficien-cy
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