| Since the beginning of the financial crisis,central banks have introduced various kinds of innovative monetary policy tools to supplement the traditional tools to stimulate the economy.Innovative monetary policy instruments,including the Fed’s Term Auction Facility and the European Central Bank’s Refinancing Operation,provide liquidity to banks on the basis of certain qualified collateral.In China,with the change of the channel of base money release,the original passive base money release mode through foreign exchange reserves has been transformed into active liquidity management by comprehensive use of a variety of innovative policy tools.The innovative monetary policy instruments such as the Standing Lending Facility and the Medium Term Lending Facility all require the operation in the way of pledge.On June 1,2018,the People’s Bank of China(PBOC)added green credit and green bond assets to the scope of qualified collateral for innovative monetary policies,hoping to guide financial institutions to increase their support for the green economy and other sectors.So,does innovative monetary policy have a green effect?How about its conduction mechanism and effect?What about the impact on banks’ risk-taking?How to give full play to the green effect of China’s innovative monetary policy,to support enterprises’green financing and investment,and to clarify the mechanism of innovative monetary policy giving full play to the green effect and the impact on environmental performance are an important topic in the current financial supply side reform and green and sustainable development of economy.From the perspective of incorporating green factors into innovative monetary policy,this paper discusses the regulatory effect of innovative monetary policy on green finance and the related risk impact,so as to provide theoretical analysis and empirical evidence for relevant research on innovative monetary policy supporting green development.In this paper,the results show that innovative monetary policy is "green effect",namely green financing of directional support related enterprises and improve the effect of the environment,and innovative monetary policy in the play to the green effect at the same time,also reduced the configuration green bank risk-taking level of credit assets,there is a "risk transfer channels".To be specific,this paper mainly focuses on the following four topics:Firstly,this paper mainly studies the impact of innovative monetary policy on the availability of green financing.Based on the theory of the credit transmission mechanism of monetary policy and innovative the collateral effect of monetary policy,in June 2018,the central bank will be green credit into the scope of eligible collateral as A natural experiment,selecting the a-share listed company as sample analysis in our innovative monetary policy tools into the green credit eligible collateral how to affect the enterprise green funding availability.The results show that:first,after the central bank included green credit assets into the qualified collateral framework this time,the financing availability of green credit enterprises is higher than that of non-green credit enterprises.Second,the central bank extends the borrowing term structure of green credit enterprises after including green credit assets into the qualified collateral framework,which is reflected in the increase of the proportion of long-term borrowing of green credit enterprises relative to non-green credit enterprises.Thirdly,from the perspective of heterogeneity of enterprise property rights,it is found that the expansion of qualified collateral by the central bank mainly improves the financing availability of non-state-owned green credit enterprises,while state-owned green credit enterprises are not sensitive.Fourth,industry heterogeneity analysis shows that the availability of green financing in China’s innovative monetary policy is mainly reflected in the sample of environmental protection industries.Secondly,this paper also further discusses the impact of innovative monetary policy on green financing costs of enterprises.This part examines the cost effect of China’s innovative monetary policy on green financing based on two main green financing tools:corporate green bonds and green credit.The empirical study using the data of listed enterprises from 2013 to 2019 shows that:First,China’s innovative monetary policy reduces the credit financing cost of green credit enterprises relative to non-green credit enterprises.Second,the sub-sample test based on ownership and industry heterogeneity shows that the cost effect of China’s innovative monetary policy on green credit financing is more significant in state-owned enterprises and heavy polluting industries.Thirdly,based on the bond market data from 2016 to 2019,the empirical results from the perspective of the financing cost of green bonds show that China’s innovative monetary policy reduces the transaction spreads of green bonds relative to other non-green bonds in the secondary market,but has a significant green financing effect on the issuance spreads in the primary market.Fourthly,further empirical results based on ownership and bond rating differences show that China’s innovative monetary policy has a more significant effect on reducing the transaction spreads of AA+and AA low-rated green bonds in the secondary market and the financing costs of non-state-owned enterprises’ green bonds in the primary market.Thirdly,based on the previous research,this paper discusses the impact of innovative monetary policy on green investment and environmental performance of enterprises.This part first analyzes the impact of innovative monetary policy on the investment behavior of green enterprises.The empirical results show that,firstly,after China’s innovative monetary policy collateral is included in green assets,the total investment level of enterprises affected by the policy is significantly increased compared with that of enterprises not affected by the policy,and this promotion effect is mainly reflected in the increase of green investment expenditure.Second,institutional research shows that China’s innovative monetary policy mainly promotes corporate green investment through the debt maturity structure channel,while the financing constraint channel does not play a role.Thirdly,this part also further studies the green effect of innovative monetary policy in China from two dimensions of economic performance and environmental performance.The empirical results show that the innovative monetary policy not only improves the environmental performance of the enterprises affected by the policy relative to the enterprises not affected by the policy,but also improves the economic performance of related enterprises.This also shows that innovative monetary policy can,to a certain extent,promote targeted support enterprises to achieve the "Porter effect" of win-win economic performance and environmental performance.Fourth,the analysis based on the heterogeneity of property rights shows that the "Porter effect" of innovative monetary policy is mainly reflected in non-state-owned enterprises.Finally,based on the typical facts of the continuous development of green finance in the banking industry,this paper discusses the impact of innovative monetary policy on the risk taking of banks from the impact of innovative monetary policy on different types of asset allocation of banks.The empirical results show that:the first,innovative monetary policy into the green factors can effectively reduce the allocation of green Banks of credit assets risk weighted assets ratio and non-performing loan ratio and risk Z values,and improve the provision for coverage of the enterprise,this shows that the innovative monetary policy to encourage commercial Banks to configure green assets can to a certain extent,reduce the risk of commercial Banks take level.Second,the analysis based on the heterogeneity of banks also shows that the inhibitory effect of innovative monetary policy on the risk-taking level of banks is more obvious in stateowned banks and joint-stock banks,while no such effect is found for urban commercial banks.Possible innovations of this paper can be summarized as follows:First,this paper advances the structural adjustment function view of monetary policy and the bank risktaking channel theory of monetary policy into the field of green finance,which is beneficial to understanding the green structure effect and risk effect of innovative monetary policy.Secondly,based on the theoretical foundation of the impact of monetary policy on corporate investment and financing behavior,this paper further empirically analyzes the impact of innovative monetary policy on the economic and environmental performance of green enterprises.Third,in the past for more than the bank risk-taking channel of monetary policy discussion is the traditional type to the total amount of monetary policy,hardly involved in the discussions of the innovative monetary policy,this paper discussed from the perspective of collateral capacity this innovative bank risk-taking channel of monetary policy,is helpful to research in the impacting factors of rich bank risk-taking. |
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