Nội dung được dịch bởi AI, chỉ mang tính chất tham khảo
Ảnh hưởng của chính sách tiền tệ xanh đến chi phí tài chính của doanh nghiệp
Journal of Economic Interaction and Coordination - Trang 1-31 - 2024
Tóm tắt
Các hoạt động chính sách tiền tệ của một ngân hàng trung ương (CB) liên quan đến các quyết định phân bổ khi mua tài sản và nhận thế chấp. Một chính sách tiền tệ xanh nhằm hướng dẫn hoặc nghiêng sự phân bổ tài sản và thế chấp về phía các ngành công nghiệp có carbon thấp, nhằm giảm chi phí vốn cho các lĩnh vực này so với các lĩnh vực có carbon cao. Bắt đầu từ một chương trình mua trái phiếu doanh nghiệp (ví dụ: CSPP) tuân theo chính sách tiền tệ carbon trung tính, chúng tôi phân tích cách sự chuyển đổi trong phân bổ danh mục đầu tư của ngân hàng trung ương về phía các trái phiếu được phát hành bởi các công ty carbon thấp có thể tạo điều kiện cho các công ty xanh trên thị trường. Dựa vào lý thuyết danh mục đầu tư tối ưu, chúng tôi nghiên cứu cách ngân hàng trung ương có thể bao gồm rủi ro liên quan đến sự bền vững môi trường của các công ty trong bảng cân đối kế toán của mình. Thêm vào đó, chúng tôi phân tích các tương tác giữa chính sách tái cân bằng của ngân hàng trung ương trung tính hoặc xanh và lựa chọn tiến hóa (tức là thông qua động lực tái tạo hàm mũ) của một quần thể doanh nghiệp có thể quyết định trở thành xanh hay không tuỳ thuộc vào chi phí vay trái phiếu.
Từ khóa
#chấp nhận rủi ro môi trường #chính sách tiền tệ xanh #chi phí tài chính #trái phiếu doanh nghiệp #công ty carbon thấpTài liệu tham khảo
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