摘要
本文运用双重差分模型,分别从企业的直接融资、间接融资以及企业的自身发展三个角度考察我国央行2018年6月发布的担保品扩容政策的效果——究竟是对那些在绿色发展方面已有较好基础的企业的“锦上添花”,还是对那些在绿色发展方面表现未达预期的企业的“雪中送炭”。研究结果发现:从总体上看,该政策在三个方面的主要表现为“锦上添花”效应。第一,担保品扩容政策显著降低了高信用评级债券的利差;第二,担保品扩容政策对于商业银行的影响存在异质性,其中绿色水平位于中上游的商业银行在面对该政策时显著增加了其对绿色企业的放贷规模;第三,相比于低绿色水平企业,担保品扩容政策显著提高了高绿色水平企业融资可得性,降低了融资成本,提高了绿色绩效,但是对于企业的研发创新影响并无显著差异。
This paper uses the difference-in-differences model to investigate the effect of collateral expansion policy issued by China's central bank in June 2018 from the perspective of direct financing,indirect financing and the development of enterprises themselves-Whether it is"icing on the cake"for those enterprises that have a good foundation in green development,or“timely help”for those enterprises that struggle in green development.The study finds that the policy mainly shows“icing on the cake”effect in the above three aspects in general.First,the collateral expansion policy reduces spreads on highly rated bonds significantly.Second,the collateral expansion policy has a heterogeneous impact on commercial banks,and the banks with the medium or high green level are remarkably affected by the policy.Third,compared with enterprises with low green level,collateral expansion policy considerably improves the financing availability,reduces financing cost and improves green performance of enterprises with high green level,but there is no significant difference in the impact on R&D and innovation of enterprises.
作者
严春晓
张谨学
朱迪星
Yan Chunxiao;Zhang Jinxue;Zhu Dixing(School of Economics and Management,China University of Geosciences;Wuhan Branch of the People's Bank of China)
出处
《金融发展评论》
2023年第7期1-16,共16页
Financial Development Review
关键词
央行担保品扩容
差异化影响
绿色资金供给
绿色资金需求
Central Bank Collateral Expansion Policy
Differentiated Influence
Green Capital Supply
Green Capital Demand
