摘要
以2018年6月我国央行接受绿色信贷作为MLF合格担保品的新型货币政策作为准自然实验,选取2015-2020年间A股上市企业作为研究样本,运用双重差分倾向得分匹配模型研究我国绿色信贷担保品扩容政策对高碳排放企业的影响效应,以及八大重点行业的异质性效果,研究发现:第一,在央行将绿色信贷作为担保品后,高碳排放企业相对于非高碳排放企业的信贷可得性显著下降,政策信号对企业节能减排有正向激励作用;第二,此次新型的结构性货币政策对不同产权性质的企业的影响具有异质性,国有企业的融资成本显著降低;第三,从行业异质性角度看,此项政策对八大重点行业的影响有着明显差异,钢铁和有色金属行业的信贷可得性、融资成本均显著下降,而石化和化工行业的融资成本显著上升,其他四个行业暂时未发现显著性的影响。基于以上实证结果,本文认为央行应加强新型货币政策的定向调控功能,继续控制绿色信贷门槛,稳定信贷市场;同时根据企业的产权性质调整其使用频率、依据不同行业的异质性不断优化绿色金融产品,制定完善的差别信贷标准和差异化考核指标,采取差异化的定价有效地引导资金流向更加环保的行业或者绿色转型的企业,进而达到经济增长与环境保护的可持续发展。
Taking the new monetary policy of China’s central bank accepting green credit as MLF’s qualified collateral in June 2018 as a quasi-natural experiment,and selecting A-share listed companies from 2015 to 2020 as research samples,this paper studies the impact of China’s green credit collateral expansion policy on high-carbon emission enterprises and the heterogeneous effects of eight key industries by using double differential tendency score matching model.The results show that:First,after the central bank takes green credit as collateral,the credit of high-carbon emission enterprises can be compared with that of non-high-carbon emission enterprises;second,the new structural monetary policy has a heterogeneous impact on enterprises with different property rights,and the financing cost of state-owned enterprises has been significantly reduced;third,from the perspective of industry heterogeneity,the impact of this policy on the eight key industries is obviously different.The credit availability and financing cost of steel and non-ferrous metals industries have decreased significantly,while the financing cost of petrochemical and chemical industries has increased significantly,and the other four industries have not found significant effects for the time being.Based on the above empirical results,this paper holds that the central bank should strengthen the directional regulation function of the new monetary policy,continue to control the green credit threshold and stabilize the credit market.At the same time,according to the nature of enterprise’s property rights,we should adjust its frequency of use,constantly optimize green financial products according to the heterogeneity of different industries,formulate perfect differential credit standards and differential assessment indicators,and adopt differentiated pricing to effectively guide the flow of funds to more environmentally friendly industries or green transformation enterprises,so as to achieve sustainable development of economic growth and environmental p
作者
刘雨
张涛
LIU Yu;ZHANG Tao(Graduate School,University of Chinese Academy of Social Sciences,Beijing 102488,China;School of Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China)
出处
《湖北师范大学学报（哲学社会科学版）》
2024年第3期37-48,共12页
Journal of Hubei Normal University（Philosophy and Social Science）
基金
国家自然科学基金重大项目“宏观大数据建模和预测研究”(71991475)。
关键词
担保品扩容政策
绿色信贷
融资约束
信贷可得性
双重差分倾向得分匹配
collateral expansion policy
green credit
financing constraints
availability of credit
double difference tendency score matching
