Research On The Impact Of Monetary Policy Collateral Expansion On Technological Innovation Of Heavily Polluting Enterprise

Since the reform and opening up,China’s economy has developed rapidly,but the problems of environment and resources have been ignored for a long time.Out of the comprehensive consideration of environment,resources and economy,China has successively issued a series of green financial policies.In particular,the people’s Bank of China included green credit and other assets into the scope of medium-term loan convenience collateral in June 2018.This policy has the dual functions of financial resource allocation and environmental regulation.It hopes to lead funds to the field of green economy through bank credit,Alleviate the problem of difficult and expensive financing of green enterprises;It is also hoped that enterprises will change their development mode and actively transform to the green field.Under this financial policy,bank credit undoubtedly has the greatest impact on heavily polluting enterprises.After the implementation of the policy,can it really give play to the expected effect and force heavily polluting enterprises to carry out technological innovation and realize the green transformation of enterprises?This paper takes heavily polluting enterprises as the research object,analyzes the impact mechanism and degree of the inclusion of green credit assets into monetary policy collateral on the technological innovation of heavily polluting enterprises,and further discusses according to the heterogeneity of enterprises,which provides new experience and evidence for the evaluation of policies.Firstly,this paper summarizes the research results at home and abroad from four aspects:the credit channel of monetary policy transmission,the new monetary policy,the impact of green credit policy on enterprise innovation and other factors affecting enterprise technological innovation;Secondly,it defines the concepts of monetary policy collateral,green credit and heavily polluting enterprises,expounds the relevant theories such as credit channels and technological innovation,and analyzes them combined with the article;Thirdly,it discusses the mechanism of the expansion of monetary policy collateral affecting the technological innovation of heavily polluting enterprises,such as bank loan and enterprise balance sheet;Then,combined with the existing research,this paper puts forward the heterogeneity between enterprises;Finally,taking heavy polluting enterprises as the object of empirical research,using the method of propensity score matching double difference,this paper discusses the impact of the expansion of monetary policy collateral on the technological innovation of heavy polluting enterprises,as well as the heterogeneity effect brought by policy implementation under the conditions of different property rights,local financial development,corporate financing constraints and social responsibility ratings,The robustness of the empirical results was tested by placebo and increasing control variables.The study found that the implementation of the central bank’s collateral expansion policy significantly promoted the technological innovation of heavily polluting enterprises;It also plays a more obvious role in promoting the technological innovation of heavily polluting enterprises with state-owned holding,financial underdeveloped areas,low degree of financing constraints and high social responsibility rating.