【摘要】 企业绿色转型是实现“双碳”目标的关键路径，央行创新型货币政策是引导其发展的重要工具。本文以2018年6月绿色债券纳入央行合格担保品范围为准自然实验，以2013—2023年中国A股上市公司为研究样本，构建双重差分模型，探究央行创新型货币政策对企业绿色转型的影响和作用机制。研究发现：第一，央行创新型货币政策能够促进企业绿色转型；第二，央行创新型货币政策通过缓解融资约束、降低代理成本和提高研发投入促进企业绿色转型；第三，央行创新型货币政策对企业绿色转型的影响具有异质性，在政策冲击前银企关联度高、非高科技、声誉价值低和非国有企业中表现更为明显。鉴于此，本文为疏通金融支持实体经济绿色发展渠道提供了新的视角与政策启示。更多还原

【Abstract】 Firms’ green transformation is a key pathway to achieving the “dual carbon” goals, while the central bank’s innovative monetary policy serves as an important tool to guide this process. This paper uses the June 2018 inclusion of green bonds within the central bank’s scope of eligible collateral as a quasi-natural experiment. Taking Chinese A-share listed companies from 2013 to 2023 as the research sample, it constructs a difference-in-differences model to investigate the impact and mechanisms of the central bank’s innovative monetary policy on firms’ green transformation. The findings are as follows: first, the central bank’s innovative monetary policy promotes firms’ green transformation; second, it does so by alleviating financing constraints, lowering agency costs, and increasing R&D investment; third, the policy’s impact on green transformation exhibits heterogeneity, manifesting more prominently among firms with strong pre-policy bank-firm connections, non-high-tech status, low reputation value, and non-state ownership. Accordingly, this paper offers new perspectives and policy implications for smoothing financial channels to support the green development of the real economy.更多还原