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TopLiterature Review
In recent years, scholars have conducted research on green finance, the GCP, green innovation, and sustainable development capacity—and have achieved relatively fruitful research results. The relevant main literature can be roughly subdivided into four areas:
The first area includes the theoretical research on green finance and its impact on carbon emissions. Nedopil et al. (2021) studied the nature, evolution, and differences of green finance standards. Deng et al. (2022) explored the construction and measurement of green finance development indicator systems of commercial banks. Xu et al. (2022) studied how environmental regulations affect the development of green finance. Hu and Tu (2022) explored the effect of green finance on high-quality development of enterprises. Ba and Peng (2022) reviewed the practice of green finance in the UK to provide reference for the development of green finance in China. Wu (2021) found that green finance plays an important catalytic, supporting, and boosting role in accelerating the green and low-carbon development of the economy, and promoting the comprehensive green transformation of economic and social development. A. Zhang et al. (2022) showed that green credit policies have a greater impact on industrial carbon emission intensity for countries with a low state-owned capital ratio, a high total-factor productivity, and a high capital dependence. Hu and Zheng (2021) found that green credit has a significant inhibitory effect on carbon emissions.
The second area of the literature covers the impact of the GCP on enterprise investment and financing. J. Zhang et al. (2022) found that the GCP can improve the efficiency of enterprises’ overseas investment, especially for state-owned enterprises and enterprises in regions with fewer environmental laws and regulations. Xu and Li (2020) found that the GCP can increase the debt financing cost and reduce the debt financing term of enterprises with high pollution and emission levels, but reduce the debt financing cost of green enterprises. Su and Lian (2018) showed that green credit had significant financing penalty effects and investment inhibitory effects.