The Impact of Green Credit on the Green Innovation Level of Heavy-Polluting Enterprises-Evidence from China

Transitioning to a green economy in China: The environmental and economic impacts of green credit

Economic green transition is the change of economic development mode under environmental constraints; this process will generate huge demand for credit financing. Understanding the connection between credit allocation and environmental performance is crucial for the coordinated development of the economy and environment. Utilizing the Chinese Industrial Enterprises Database, I constructed a city-level green credit index and compiled panel data from 2006 to 2013 for 282 selected cities in China. A spatial model was employed to explore the influence of green credit on the economic green transition. The findings reveal a positive relationship between green credit and economic green transition during the study period. Green credit not only enhances local green total factor productivity but also exerts beneficial impacts on adjacent areas though demonstration effects. Additionally, the reallocation of credit resources and the innovation of clean technologies are identified as key mechanisms through which green credit fosters a greener economy. However, the study also finds that the impact of green credit is moderated by factors such as a high reliance on natural resources, the underdevelopment of market intermediaries, and excessive governmental intervention, which can undermine its effectiveness. Furthermore, the efficacy of green credit exhibits regional heterogeneity; it has a significant positive impact in the eastern regions of China, while its influence appears to be non-significantly positive in the central and western regions. This study enriches the research on the macroeconomic impacts of green credit, offering practical evidence and theoretical support for the implementation of green credit policies by local governments in China.

How does China's green credit policy affect the innovation of high-polluting enterprises? From the perspective of innovation quantity and quality

Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China.

Proactive green innovation and firm climate resilience: the nonlinear interaction effect of climate risk

Based on empirical analysis of 113 climate disasters affecting 3563 listed firms across 31 provinces in China from 2010 to 2022, as documented in the Emergency Events Database (EM-DAT), this study employs event study and multiple regression to explore the impact of proactive green innovation on firm climate resilience. By categorizing proactive green innovation into process and product innovation and climate resilience into short-term and long-term resilience, a proactive green innovation-firm climate resilience 2 × 2 matrix is constructed to provide innovative insights. This study reveals that proactive green innovation enhances firm climate resilience. Specifically, proactive green process innovation both enhances short-term and long-term climate resilience, while proactive green product innovation only enhances long-term rather than short-term climate resilience. Furthermore, climate disaster has inverted U-shaped interaction effect on the relationship between proactive green innovation and short-term climate resilience and U-shaped interaction effect on the relationship between proactive green innovation and long-term climate resilience. Additionally, this study also investigates the heterogeneous mechanisms of proactive green innovation enhancing short-term and long-term climate resilience based on network embeddedness theory and legitimacy theory.

Can green bonds empower green technology innovation of enterprises?

Green bonds, a new green financial instrument, encourage enterprises to achieve high-quality development through green technology innovation. However, a lack of research is currently being conducted into the effect of green bond issuance in China. Can green bonds effectively empower enterprises to green innovation? What is the underlying mechanism? In the context of carbon-neutral strategies, it is significant to answer these questions scientifically. This paper uses a quasi-natural experiment of the launch of the green bond market in China in 2016 to conduct empirical studies based on the panel data of 1 558 non-financial Chinese-listed enterprises from 2015 to 2020 with the multi-period difference-in-difference model. The results show that ① issuing green bonds can significantly empower enterprises' green technology innovation. The empowering effect is mainly for green utility patents rather than green invention patents. This result remains after dynamic heterogeneity analysis, placebo test, and other tests. In addition, the effect has a lag. ② Heterogeneity tests show that this empowerment effect varies across enterprises with different property rights, industries, and regions. ③ In terms of the mechanism of action, green bonds can enhance enterprises' ability to innovate green technology by increasing the proportion of long-term loans and improving their debt structure. This paper broadens the relevant literature on the economic consequences of green bonds and the influencing factors of enterprises' green technology innovation and provides policy suggestions for further improving the analysis of green bonds.

Green bond financing, environmental regulation, and long-term value orientation: evidence from Chinese-listed companies

In recent years, green bonds have become an important part of the green financial system. In this paper, we investigate theoretically and empirically how green bond financing impacts corporate long-term value orientation. To study this relationship, we manually collect green bond financing data and use Python to construct a measure reflecting corporate long-term value. Using a sample of Chinese A-share bond issuing companies from 2016 to 2021, we find that (1) green bond financing can significantly promote companies to pursue long-term value, in which financing costs, management's strategic risk-taking, and external supervision are the underlying mechanisms. (2) There is a synergistic effect between green bond financing and environmental regulation, which can jointly improve the intensity of corporate long-term value orientation. (3) The relationship between green bond financing and corporate long-term value is more significant in enterprises with heavily polluting, lower risk-taking levels, less strategic change, and lower financial mismatch risk. Our findings reveal the "corrective" effect of green bond financing on management's strategic decision-making, which provides new empirical evidence for comprehensively and accurately evaluating the role of green bonds and promoting the development of the green bond market.

Does green credit promote firm environmental performance? A new perspective of economic growth target constraints

Green credit encompasses financial instruments and services utilized to mitigate greenhouse gas emissions and facilitate adaptation to global climate change. Establishing a long-term stable green credit institution is crucial to promoting carbon abatement goals. This study uses the difference-in-difference (DID) model to discuss the impact of green credit policy (GCP) on environmental performance based on the China industrial enterprise data. Our results show that GCP inhibits the pollution emissions and improve firm environmental performance. This improvement effect is attributed to a reduction in production scale, and financing constraints. Moreover, GCP increases the firms' exit risk from market and promotes the technological innovation of incumbent firms. Economic growth target constraints trigger a positive moderation role in the implementation of GCP. Heterogeneity results show that such improvement effect is more pronounced in state-owned firm, large-scale firms, and high R&D intensity firms. Importantly, our findings also suggest the environmental monitoring effect of green credit is dependent on the institutional quality. Only in a sound market environment can GCP effectively improve firm environmental performance. Finally, we propose to build a systematic incentives and constraints mechanism to achieve the sustainable development. The conclusions of this paper provide empirical evidence and policy implications for the implementation of GCP.

Quantifying an influence of green credit on digital technology innovation: financial perspective of a China's case study

This paper examines the impact of green credit (GC) on digital technology innovation based on Chinese enterprises using panel data from 1990 to 2016. The study collected panel data from the 40 Chinese firms listed on the Beijing and Wuhan stock markets. Manufacturing companies were selected because they mainly contribute to green credit from pre- and post-policy periods. First, in the "two high and one surplus" sectors, the application of China's Green Credit 2012 could significantly increase total factor digital technology innovation by 1.21%. Results show a considerable drop in the variable values of digital technology innovation, 61.3%; green credit policy, 10.45%; leverage, 21.0%; and green innovation, 85.4%. The results of the absolute value of standard error after matching is much lower than 20.0%, demonstrating that the variable features of the two sets of samples are similar. In conclusion, GC's impact on the FDI of capital was asymmetrical, reflecting various impacts on businesses with various types of property rights and sizes.

Research on the influence mechanism of green finance on the quality of green innovation of private enterprises: evidence from China

In the context of the "peak carbon dioxide emissions" and "carbon neutrality" strategic goals, how green finance can prompt private enterprises to achieve green upgrading has become an important issue to be solved. This paper empirically examines the effect mechanism of green credit policy on private enterprises' green innovation by using the difference-in-differences model based on the manually collected green patent data and matching financial data of Chinese listed private enterprises from 2009 to 2019. It is found that the implementation of green credit policy has a significant negative impact on the quality of green innovation of heavy-polluting private firms relative to non-heavy-polluting private firms, and this conclusion is still valid after replacing the explanatory variables, expanding the sample range, changing the model setting, and excluding the interference of other policies during the sample period. The results of the mechanism suggest that green credit policy negatively affects the quality of green innovation of heavy-polluting private firms by limiting their access to financing for loans and the capital market. Further study finds that commercial banks can reduce their non-performing loan ratio and increase their revenue growth rate by extending green credit funds to improve their business performance. It provides insights for better implementation of green credit policy and promotion of green economy development.

Does China's low-carbon action reduce pollution emissions? A quasi-natural experiment based on the low-carbon city construction

To achieve the goal of "carbon peak and carbon neutrality", it is crucial for China to effectively control environmental pollution in low-carbon action (LCA). Based on the evidence from 283 cities in China from 2007 to 2019, the difference-in-differences (DID) method is applied to explore the impact of LCA on pollutant emissions represented by the pilot of low-carbon city construction (LCCC) in China. The main findings are as follows. First of all, the LCCC suppresses pollution emissions, and the basic conclusions are still stable after endogenous treatment and robustness testing. Secondly, the mechanism analysis reveals that the main path of LCCC affecting pollution reduction comes from the progress of green technology and the upgrading of industrial structure. Finally, the heterogeneity analysis shows that the pollution reduction effect of the LCCC is better in the eastern region and cities with higher level of green economy development. Based on the policy standpoint of environmental protection, the LCCC has opened up a reasonable exploration path for China and other countries in the world to carry out effective pollution reduction.

Do government policies drive institutional preferences on green investment? Evidence from China

Through the introduction of green finance policies, governments hope to improve the guiding role of institutional investors in green investment and provide financial support for green enterprises. Using the data in China, the difference-in-difference (DID) analysis explores whether the implementation of policies could change institutional investors' attitude to environmental factors when making investment decisions. Considering the effect of investment horizons, we find that long-term institutional investors have shown symmetric preferences on green investment, while short-term institutions are more affected by green finance policies. Additionally, the mechanism analysis shows that green finance policies can influence the green investment of institutional investors not only by affecting stock price returns but also by increasing the innovation capabilities of green companies and thus improving corporate performance. Besides, heterogeneity and moderating effect analyses find that green finance policies can achieve better policy effects when financial institutions invest in non-state-owned enterprises, enterprises with higher quality of information disclosure and poor external supervision. The finding would extend the studies of green investment in emerging markets and present new evidence about the policy effect on institutions' preferences for green investment.

Exploring the Mechanism of the Impact of Green Finance and Digital Economy on China's Green Total Factor Productivity

In the context of the "double cycle," promoting the development of a green economy is an important goal for China's high-quality economic development in the digital age. This paper uses data from 30 provinces (municipalities and autonomous regions) in China during the 2006-2019 period using the Compiled Green Finance Index (GF) and Digital Economy Index (DE). The interrelationship between green finance, digital economy and green total factor productivity (GTFP) is empirically tested by conducting multiple regressions on panel data from 2006-2019 to perform an empirical analysis. Based on this, further analysis was performed with the threshold model. This study found that green finance and digital economy can contribute well to green total factor productivity, but the combination of the two does not have a good effect on green total factor productivity. Further study found that the green finance and digital economy's contribution to green total factor productivity is mainly derived from technological progress. The regression results based on the panel threshold model show that the more underdeveloped the digital economy is in certain regions, the stronger the role of green finance in promoting efficiency improvement. Therefore, policymakers should formulate differentiated green financial policies according to the level of development of the digital economy and give play to the role of green finance and the digital economy in promoting green total factor productivity.

Does ambient air quality standard contribute to green innovation of enterprises in China? Implications for environmental protection and public health

In the post-COVID-19 era, environmental pollution has been a serious threat to public health. Enterprises are in urgent need of enhancing green technology innovation as the main source of pollutant emissions, and it is necessary for governments to support green innovation of enterprises to reduce pollutant emissions and promote public health. In this context, this paper investigates whether the Ambient Air Quality Standard (AAQS) implemented in 2012 in China contributes to green innovation of enterprises, to provide implications for environmental protection and public health. By using panel data of Chinese A-share listed companies from 2008 to 2020, this study adopts the difference-in-difference model to analyze the policy impact of environmental regulation on green innovation of enterprises and its internal mechanism. The results show that AAQS has significantly improved the green innovation of enterprises. Furthermore, AAQS affects the green innovation of enterprises by virtue of two mechanism paths: compliance cost effect and innovation offset effect. On the one hand, AAQS leads to an increase in production costs of enterprises, thus inhibiting green innovation activities of enterprises. On the other hand, AAQS encourages enterprises to increase R&D investment in green technology, thus enhancing their green innovation. In addition, the impact of AAQS on firms' green innovation has heterogeneous characteristics. Our findings not only enrich the studies of environmental regulation and green innovation of enterprises but also provide policymakers in China and other developing countries with implications for environmental protection and public health improvement.

The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises-Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation

Green credit policy (GCP), as one of the key financial instruments to achieve 'carbon peaking' and 'carbon neutrality' targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP). Although GCP significantly improves CSP, there is no long-term effect. Heterogeneity analysis shows that the relationship between GCP and CSP is only significant in non-state-owned enterprises and in eastern and low-market-concentration enterprises. Mechanism tests indicate that GCP stimulates HPEs to invest more in technological innovation and thereby improves CSP through the innovation compensation effect; the credit constraint and information transfer effects caused by GCP reduce the credit resources available to HPEs but have a significant forced effect on CSP. This paper enriches the study of the economic consequences of GCP and provides implications for stakeholders to improve the green financial system and achieve green transformation of HPEs.

The impact of green credit policy on firms' green strategy choices: green innovation or green-washing?

Taking the green credit policy in 2012 as a quasi-natural experiment, this paper has investigated the impact of green credit policy on Chinese firms' green strategy choices by using the panel data of A-share listed firms from 2008 to 2019. The results reveal that green credit improves firms' green innovation overall. In terms of time, the green-washing behavior of listed firms will increase significantly in the early stage of the implementation of green credit policy, but as time goes by, such green behavior of firms will be detected, which in turn will motivate firms to improve green innovation. Furthermore, the green credit policy has a more significant effect on green innovation of firms in localities under high environmental regulation, economically developed regions, and without other alternative financing channels. Firms located in regions with economically underdeveloped and low environmental regulation are more inclined to adopt the behavior of green-washing environmental information. Besides, after the implementation of the green credit policy, green innovation can improve corporate financial, environmental, and social performance, while green-washing behavior will damage corporate financial, environmental, and social performance. Our findings contribute to the literature on green credit policy, corporate green innovation, and environmental information disclosure, and also provide policy implications for improving the quality of green credit policy in the future.

Green finance and corporate environmental responsibility: evidence from heavily polluting listed enterprises in China

Green finance is not just a global trend, but it has become an important channel for industrialized countries to achieve sustainable growth. However, few studies have discussed the environmental governance effects of green finance from the micro-firm level. Based on the data of Chinese A-share listed firms in heavily polluting industries, we, combining with property rights and environmental regulation, empirically research the influence of green finance on corporate environmental responsibility (CER) performance. Results indicate that green finance has a significant negative effect on the environmental responsibility of heavily polluting firms. The result remains after a series of robustness tests. In addition, property rights and environmental regulation play a moderating role in the above relationship. The negative impact of green finance on CER is stronger in private firms and firms in areas with low environmental regulation intensity. Moreover, we observe that green finance decreases the CER performance of heavily polluting firms by increasing financing constraints, reducing environmental investment, and diminishing technological innovation. This study identifies the external factors that influence CER and also provides implications and theoretical support for the government to improve the setting and the implementation of green finance policy in the future.

The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method

"Green economy and sustainable development" has become the focus of contemporary world economic development. As an important part of green financial instruments, green credit has become a hot topic. This paper investigates whether the Green Credit Policy has had any impact. Does it have a binding effect on the debt financing of heavily polluting enterprises? Using the Green Credit Guidelines as the starting point for the implementation of the Green Credit Policy, this paper takes Chinese A-share listed enterprises from 2004 to 2020 as the research sample, and applies the propensity score matching combined with difference-in-difference (PSM-DID) method to analyze the impact of green credit policies on the long- and short-term financing scale of heavily polluting enterprises. The study found that the implementation of the Green Credit Policy significantly suppressed the long-term financing of heavily polluting enterprises, but allowed for the expansion of short-term financing for heavily polluting enterprises. Compared with the state-owned enterprises, the Green Credit Policy has a more significant impact on non-state-owned enterprises in terms of suppressing long-term financing and increasing short-term financing, suggesting that the Green Credit Policy is affected by the "credit discrimination" of non-state-owned enterprises. Therefore, the Green Credit Policy still needs to be improved. This study provides empirical evidence of the effectiveness of green credit policies in China, and offers suggestions for further green credit policies in the future.

Whether Green Finance Improves Green Innovation of Listed Companies-Evidence from China

Facing the intensification of global carbon emissions and the increasingly severe pressure of environmental pollution, listed companies urgently need to promote green innovation, achieve green transformation, and alleviate environmental problems. Green finance policy has played a significant role as a financial strategy for environmental governance in affecting green innovation level over the years. In this context, taking the green finance reform and innovation pilot zone (GFRIPZ) implemented in 2017 in China as a quasi-natural experiment, this paper analyzes the impact of green finance policy on green innovation level of listed companies by the difference-in-difference model. Based on the data of Chinese A-share listed companies from 2008 to 2020, the results of empirical analysis show that green finance significantly promotes green innovation of listed companies. The effect is profound on green utility model patents, but less pronounced on green invention patents. Among all these pilot zones, the policy effects of GFRIPZ ranked in descending order are Zhejiang, Guangdong, Jiangxi, Guizhou, and Xinjiang. In addition, green finance has a more significant impact on heavy-polluting industries, large and state-owned enterprises, and listed companies located in the eastern region. Furthermore, the effects of industry heterogeneity ranked in descending order are energy, manufacturing, processing, and engineering industry, while it is not obvious in the service industry. Mechanism analysis suggests that the effect is driven by a reduction in the cost of debt financing and an increase in the long-term debt ratio. The findings provide implications for policymakers to promote the level of green innovation and environmental governance. Therefore, policymakers should support the long-term creative development of green invention patents by reducing the cost of debt financing and increasing the long-term debt ratio and consider the heterogeneous characteristics of listed companies when formulating green finance policies.

How Regional High-Quality Co-Ordinated Development Influences Green Technology Choices: Evidence from 284 Cities in China

High-quality development (HQD) is a fundamental requirement for current and future macroeconomic regulation in China. This study measured the high-quality co-ordinated development (HQCD) index of 284 cities in China from 2010 to 2019 using the entropy weighted TOPSIS method and coupled co-ordination model, and examined the impact of regional HQCD on enterprises’ green technology choices by combining data from Chinese listed companies. The results show the following: (1) Regional HQCD significantly promotes enterprises’ green technology choices, but does not substantially change the direction of their green technology progress. Specifically, co-ordinated regional economic–ecological system development promotes the enterprises’ technological progress toward green practices. Moreover, co-ordinated urban development has a self-reinforcing effect on the preference for green technology choices. (2) Regional HQCD enhances the screening effect of enterprises on green technology by alleviating financial constraints and increasing the awareness of social responsibility. (3) Regional HQCD has a more pronounced promotional effect on green technologies in the categories of transportation; energy conservation; and administration, regulation, or design. Private enterprises and cities with a high-administrative rank responded to the green technology selection effect of regional HQCD. This study enriches the theory and literature on the influence of government policies on firm behavior, and also provides a reference for the international community.

Executive Overconfidence, Digital Transformation and Environmental Innovation: The Role of Moderated Mediator

With the increasingly prominent energy and environmental problems, environmental innovation has become a critical path to achieving the goal of coordinating economic development and environmental protection fundamentally. This study aims to examine the impacts of executive overconfidence on environmental innovation and the mediating role of digital transformation. We conduct empirical tests based on the panel data of Chinese publicly listed enterprises during the period of 2007–2019. The results exhibit that (a) executive overconfidence can significantly promote environmental technology innovation but has no obvious effect on environmental management innovation; (b) executive overconfidence can significantly enhance digital transformation, and, accordingly, digital transformation can significantly promote environmental technology innovation and environmental management innovation; (c) industry competition and economic policy uncertainty can enhance the positive effect of executive overconfidence on digital transformation; and (d) a firms’ asset size can enhance the impact of digital transformation on environmental technology innovation; internal control positively moderates the impact of digital transformation on environmental technology innovation and negatively moderates the impact on environmental management innovation. This study not only breaks the stereotype about overconfidence and confirms its positive impact on digital transformation and environmental innovation but also provides insights for enterprises to improve environmental innovation through digital transformation.

Impact of Environmental Innovation Strategy on Green Competitiveness: Evidence from China

Environmental issues are a significant field in both research and practice. Manufacturing enterprises are adopting sustainable initiatives to achieve efficient resource usage, emissions reduction, energy utilization reduction, and improve waste management. Therefore, drawing on ecological modernization theory (EMT) and knowledge-based theory (KBT), this study proposes a comprehensive framework for the relationships among environmental innovation strategy (EIS), green knowledge sharing (GKS), organizational green learning (OGL), and green competitiveness (GC), through literature review; after, a survey questionnaire method was employed, and multiple-regression method was used for the analysis. The empirical results show that environmental innovation strategy has a positive effect on green competitiveness; the green knowledge sharing and organizational green learning chain mediates the relationship between environmental innovation strategy and green competitiveness. The results further reveal that green knowledge sharing and organizational green learning are crucial paths for manufacturing enterprises to enhance green competitiveness in implementing their environmental innovation strategies. This study extends previous research by emphasizing the importance of environmental innovation strategy in the context of sustainable development, and enriches existing research related to green competitiveness.

The Impact of Ecological Civilization Construction on Environment and Public Health-Evidence from the Implementation of Ecological Civilization Demonstration Area in China

Faced with an increasingly tight resource supply, serious environmental pollution and degrading ecosystems, human beings are eager to reduce environmental pollution and promote public health. In this context, this paper takes the ecological civilization demonstration area (ECDA) established in China as a quasi-natural experiment to test whether ecological civilization construction (ECC) is an effective solution for the reduction of environmental pollution and improvement of public health. Based on the panel data of 31 provinces in China from 2009 to 2020, the study analyzes the impact of ECC on environmental quality and public health by employing a difference-in-difference model. The results show that ECDA has restrained environmental pollution and reduced the morbidity and mortality, which indicates that ECC effectively promotes environmental quality and public health. The effect of ECC is more pronounced in economically developed regions. In addition, ECC improves environmental quality through scale effects, structural effects, technology effects, and ecological conservation effects, while the positive effects of ECC on public health are driven by scale effects and ecological conservation effects only. Therefore, policymakers should support low-carbon production, promote the upgrade of industrial structures, and encourage enterprises to develop green technologies. Ecological protection projects such as afforestation and greening are necessary. Governments should initiate ecological civilization construction in economically developed regions and then gradually promote the policies in relatively poor areas.

Economic Development, Fiscal Ecological Compensation, and Ecological Environment Quality

Focusing on the exploration of the important role of fiscal ecological compensation in green development, this paper incorporates fiscal ecological compensation into the analytical framework of green development. Based on samples of data from county areas in China in 2017 and 2018, this paper empirically examines the shape of the green development routes in county areas in China. On this basis, this paper explores the impact and mechanism of fiscal ecological compensation on the green development path in China. The empirical results show that there is a nonlinear, N-shaped relationship between economic development and the ecological environment in China within the range of the sample examined. Fiscal ecological compensation has a direct governance effect on the ecological environment of deterring ecological damage and providing financial compensation. Fiscal ecological compensation has an indirect impact on the ecological management of different regions by influencing economic development. Therefore, while focusing on transforming the economic development model, local governments should adopt policy instruments such as expanding the coverage of financial ecological compensation, deepening the design of the financial ecological compensation system, and systematically evaluating the effects of financial ecological compensation policies. The government should further improve and optimize the fiscal eco-compensation system in order to help China's green and high-quality development.

Investigation of Nexus between Knowledge Learning and Enterprise Green Innovation Based on Meta-Analysis with a Focus on China

Knowledge learning is a vital pre-factor and the driving force of green enterprise innovation; hence, meriting the numerous academic research and accumulated relevant literature. In this paper, the meta-analysis methodology was used to explore the direction and intensity of the influence of knowledge learning on green enterprise innovation, taking 32 independent documents as research samples. Meta-analysis results showed that the search breadth and the search depth of green resources and the green resources absorption and integration have significant positive effects on the green innovation of enterprises, among which green resources absorption and integration were the most important. Further, the research on the moderating effect found that the measurement method of green innovation affected the relationship between knowledge learning and green enterprise innovation; however, the moderating effect of the research object was not pronounced.