Download pdf
Green Finance and Green Technological Innovation: The Synergistic Effect of Social Capital
- 1 East China University of Science and Technology
- 2 East China University of Science and Technology
- 3 East China University of Science and Technology
* Author to whom correspondence should be addressed.
Abstract
Against the backdrop of global warming, green technological innovation has become the key to enterprises' green transition and sustainable development. Green finance supports this process by optimizing resource allocation and providing financial backing for green technological innovation. This study reviews the theoretical foundations of green finance and corporate green technological innovation, analyzes both the direct and synergistic effects of green finance and social capital, and further explores the mechanisms underlying their synergy. The findings offer theoretical insights and practical guidance for optimizing green finance policy design and improving the coordination mechanism between green finance and social capital.
Keywords
Green finance, Social capital, Green technological innovation, Synergistic effect, Impact mechanism
[1]. Ramalingam, K., Kandasamy, A., Subramani, L., Balasubramanian, D., & Thadhani, J. P. J. (2018). An assessment of combustion, performance characteristics and emission control strategy by adding anti-oxidant additive in emulsified fuel. Atmospheric Pollution Research, 9(5), 959-967.
[2]. Al Mamun, M., Boubaker, S., & Nguyen, D. K. (2022). Green finance and decarbonization: Evidence from around the world. Finance Research Letters, 46, 102807.
[3]. Shi, J., Yu, C., Li, Y., & Wang, T. (2022). Does green financial policy affect debt-financing cost of heavy-polluting enterprises? An empirical evidence based on Chinese pilot zones for green finance reform and innovations. Technological Forecasting and Social Change, 179, 121678.
[4]. Huang, H., Mbanyele, W., Wang, F., Song, M., & Wang, Y. (2022). Climbing the quality ladder of green innovation: does green finance matter?. Technological Forecasting and Social Change, 184, 122007.
[5]. Lee, M. T., & Raschke, R. L. (2023). Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?☆. Journal of Business Research, 155, 113393.
[6]. Wen, H., Lee, C. C., & Zhou, F. (2021). Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises. Energy Economics, 94, 105099.
[7]. Swan, J., Newell, S., Scarbrough, H., & Hislop, D. (1999). Knowledge management and innovation: networks and networking. Journal of Knowledge management, 3(4), 262-275.
[8]. Athari, S. A. (2024). Global economic policy uncertainty and renewable energy demand: Does environmental policy stringency matter? Evidence from OECD economies. Journal of Cleaner Production, 450, 141865.
[9]. Luo, G., Guo, J., Yang, F., & Wang, C. (2023). Environmental regulation, green innovation and high-quality development of enterprise: Evidence from China. Journal of Cleaner Production, 418, 138112.
[10]. Lin, B., & Pan, T. (2023). Financing decision of heavy pollution enterprises under green credit policy: Based on the perspective of signal transmission and supply chain transmission. Journal of Cleaner Production, 412, 137454.
[11]. Kong, T., Sun, R., Sun, G., & Song, Y. (2022). Effects of digital finance on green innovation considering information asymmetry: An empirical study based on Chinese listed firms. Emerging Markets Finance and Trade, 58(15), 4399-4411.
[12]. Irfan, M., Razzaq, A., Sharif, A., & Yang, X. (2022). Influence mechanism between green finance and green innovation: exploring regional policy intervention effects in China. Technological Forecasting and Social Change, 182, 121882.
[13]. Amore,M. D.,and M. Bennedsen. (2016). Corporate Governance and Green Innovation[J]. Journal of Environmental Economics & Management,75:54-72.
[14]. Liu, Y., & Li, X. (2025). Green finance policies, resource allocation, and corporate social responsibility. Finance Research Letters, 71, 106392.
[15]. Jin, Y., Gao, X., & Wang, M. (2021). The financing efficiency of listed energy conservation and environmental protection firms: evidence and implications for green finance in China. Energy Policy, 153, 112254.
[16]. Huang, Y., Chen, C., Lei, L., & Zhang, Y. (2022). Impacts of green finance on green innovation: a spatial and nonlinear perspective. Journal of Cleaner Production, 365, 132548.
[17]. Xu, Y., Dong, Z., & Wu, Y. (2023). The spatiotemporal effects of environmental regulation on green innovation: Evidence from Chinese cities. Science of the Total Environment, 876, 162790.
[18]. Baek, S. Y., Park, J., Koh, T., Kim, D., Woo, J., Jung, J., ... & Choi, C. (2024). Achievement of Green and Sustainable CVD Through Process, Equipment and Systematic Optimization in Semiconductor Fabrication. International Journal of Precision Engineering and Manufacturing-Green Technology, 1-22.
[19]. Berensmann, K., & Lindenberg, N. (2016). Green finance: actors, challenges and policy recommendations. German Development Institute/Deutsches Institut für Entwicklungspolitik (DIE) Briefing Paper, 23.
[20]. Alalmaee, H. (2025). Sustainability Through Policy Stringency: Analysing the Impact on Financial Development. Sustainability, 17(4), 1374.
[21]. Liu, C., Cui, P., Zhao, H., Zhang, Z., Zhu, Y., & Liu, H. (2024). Green Finance, Economic Policy Uncertainty, and Corporate ESG Performance. Sustainability, 16(22), 10141.
[22]. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.
Cite this article
Xu,M.;She,J.;Chang,X. (2025). Green Finance and Green Technological Innovation: The Synergistic Effect of Social Capital. Advances in Economics, Management and Political Sciences,176,57-62.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Volume title: Proceedings of the 3rd International Conference on Management Research and Economic Development
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).