“…Moreover, some prior studies focus on the effect of green finance on green innovation in heavily polluting enterprises (e.g., Han et al, 2022;Dong et al, 2022;Yan et al, 2022;Zhao et al, 2022;Zhang and Li, 2022;Liu and Wang, 2023;Xu et al, 2023). And other prior studies simply consider the overall effect of green finance on green innovation in all enterprises (Dai et al, 2022;Yu et al, 2021;Huang et al, 2022a;Yang et al, 2022;Irfan et al, 2022;Tian et al, 2023;Zhang et al, 2023;Gao et al, 2023;Xu, 2023). For example, Yang et al (2022) show that external environmental regulation can impact the relationship between green finance and green innovation.…”