The Expansion of Monetary Policy Collateral Promotes Green Innovation of Heavily Polluting Enterprises

Abstract

Since the reform and opening up, China's economy has developed rapidly, and behind the high growth is the problem of inefficient energy consumption and environmental pollution. China's economy has entered a stage of high-quality development, focusing on innovation-driven and green development, and the Fifth Plenary Session of the 19th Central Committee proposed to promote green development and develop green credit. In this paper, we use a difference-in- difference model to verify the impact of green credit assets on the green innovation of heavily polluting A-share listed enterprises in accordance with the quasi-natural experiment of the inclusion of green credit assets in the MLF qualified collateral framework in June 2018. Results: (1) The expansion policy improved the level of green technology innovation of heavily polluting enterprises; (2) R&D investment intensity plays a strong intermediary role and can promote the green transformation of enterprises; (3) The nature of property rights affects the micro effect of the policy, and the expansion policy has a greater impact on the state-owned heavy polluting enterprises.