Replication Data for: Carbon Emission Reduction Effect of China’s Central Bank Collateral Expansion Policy ——From the perspective of technological innovation

This paper selects A-share listed corporations from December 2013 to December 2022 as the research object for empirical analysis. It handles the data by the following principles. (1) Listed corporations in the financial industry are excluded because of the special nature of their main business and the high level of capital structure, which are not comparable. (2) ST and ST* corporations during the sample period are eliminated. (3) Listed corporations with insolvency are removed. The data used in this paper are all obtained from the Cathay Pacific database (CSMAR), which ultimately results in 10 years of unbalanced panel data for listed corporations, totaling 20,497 observations. In order to avoid the influence of the extreme values existing in the sample on the empirical test and to improve the reliability and stability of the data, the latter paper also shrinks the tails of some variables with large standard deviations. Using a non-balanced panel dataset, it empirically tests the impact of collateral expansion policy on corporate carbon emission intensity employing the DID method, and further analyzes the direct effect of technological innovation on carbon emission reduction and its interaction with policy. The findings are as follows: (1) As a structural monetary policy tool, the collateral expansion policy can significantly reduce corporate carbon emission intensity and has a carbon reduction effect. (2) The improvement in technological innovation level significantly enhances the carbon reduction effect of the collateral expansion policy, while technological innovation and corporate carbon emission intensity exhibit a significant U-shaped relationship. (3) Mechanism analysis indicates that both financing constraints and green governance play partial intermediary roles in the policy transmission process. The financing constraint mechanism can influence corporate carbon emission reduction through dual channels of financing costs and financing scale. (4) The results of testing the mechanisms of mediation and interaction effects show that technological innovation significantly enhances the negative effect of collateral expansion policy on financing constraints and the positive effect on green governance, but suppresses the negative effect of green governance on corporate carbon emissions.