The Influence of"Green"Window Guidance on Inefficient Investment of"Two High"Enterprises
Improving the investment efficiency of the"two high"enterprises and restraining their over-investment are the key to promote the green and low-carbon economic transformation.From 2007 to 2021,"green"window guidance reduces the inefficient investment of"two high"enterprises and prevents their extensive expansion by re-stricting credit issuance and strengthening financing constraints.The"green"window guidance has significantly im-proved the investment efficiency of state-owned enterprises,and its impact on labor-intensive"two high"enterpri-ses is greater than that on capital-intensive enterprises.At the macro level,the"green"window guidance reduces the total amount of pollutants,and has an inverted U-shaped impact on economic growth and the quality of econom-ic development."Green"window guidance as a typical non-market monetary policy tool can play a key role in opti-mizing the allocation of green financial resources.In the long run,the Central bank should focus on improving the efficiency of market-based tools to continuously promote economic growth.
NETL
NSTL
万方数据
