金融经济学研究

作为结构性货币政策的重要组成部分，央行将优质绿色贷款和绿色债券纳入中期借贷便利担保品范围，对金融支持实体经济绿色发展具有重要意义。以2018年6月央行担保品扩容为准自然实验，选取2014—2023年中国A股上市企业为样本，探究央行将绿色资产纳入担保品范围对企业绿色转型水平的影响及作用机制。研究结果表明，结构性货币政策对企业绿色转型水平具有显著的正向推动作用。异质性分析发现，结构性货币政策对非国有企业、非资产密集型行业企业和东部地区企业的绿色转型水平提升效果更为明显。机制研究发现，结构性货币政策能够有效缓解企业所面临的融资约束，增强企业绿色创新意愿和能力，从而推动企业绿色转型水平的提高。鉴于此，建议进一步完善结构性货币政策体系，建立差异化的目标导向机制和区域支持政策，疏通金融支持经济社会发展全面绿色转型的渠道。

As an important component of structural monetary policy, the central bank's inclusion of high-quality green loans and green bonds in the collateral pool for the medium-term lending facility has been of significant importance to financially supporting the green development of the real economy.Taking the central bank's June 2018 collateral expansion as a quasi-natural experiment, this study selected China's A-share listed companies for the period 2014-2023 to investigate how the inclusion of green assets in the collateral pool has affected the degree of green transformation at the company level and explore the underlying mechanisms.The results showed that structural monetary policy exerted a significant positive influence on corporate green transformation.Further heterogeneity analysis revealed that structural monetary policy had a more pronounced effect on promoting green transformation among non-state-owned companies, companies in non-asset-intensive industries, and companies located in eastern regions.Mechanism analysis suggested that structural monetary policy effectively alleviated the financing constraints affecting companies, thereby enhancing their willingness and capacity to conduct green innovation, which propelled, propelled their green transformation.Given these findings, this study recommends further refining the structural monetary policy framework, establishing a differentiated goal-oriented mechanism, and implementing region-specific support policies to ensure efficient financial backing for comprehensive green transformation in socioeconomic development.