The Impact of Structural Monetary Policy on Total Factor Productivity of Green Firms
Structural monetary policy plays an important role in precisely supporting the development of green enterpri-ses.This paper takes the expansion of the central bank's collateral framework in 2018 as a quasi-natural experiment of structural monetary policy,and uses the Difference-in-Differences model to study the impact of the central bank's in-clusion of green bonds into the collateral framework on the total factor productivity of green enterprises.The study found that the expansion of the collateral framework can significantly improve the total factor productivity of green enterprises.Heterogeneity analysis revealed that the expansion of the collateral framework had a significantly higher impact on the to-tal factor productivity of private green enterprises than that of state-owned green enterprises.Regional heterogeneity anal-ysis found that the expansion of the collateral framework had a more significant impact on the total factor productivity of green enterprises in financially developed regions.Industry heterogeneity analysis found that the inclusion of green bonds into the collateral framework by the central bank can better promote the improvement of total factor productivity of green enterprises in patent-intensive industries.Further research found that the expansion of the collateral framework effective-ly alleviated the financing constraints of green enterprises,improved their green innovation level,and helped green enter-prises improve their total factor productivity.
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