Green Bonds in Sustainable Finance: A Bibliometric and Meta‐Analysis of Research Trends, Challenges, and Emerging Market Dynamics (2014–2023)
通过文献计量和元分析，梳理了2014-2023年绿色债券的研究趋势和市场表现，发现中国是主要贡献者，非洲和拉丁美洲代表性不足，并指出新兴市场面临基础设施薄弱、认证成本高等挑战。
ABSTRACT This study provides a dual bibliometric and meta‐analytic examination of green bonds from 2014 to 2023, mapping both the scholarly landscape and market outcomes to identify key trends, gaps, and actionable insights. First, a bibliometric analysis of 466 documents reveals a dramatic surge in publications following the 2015 Paris Agreement, driven by major policy milestones (e.g., EU Green Deal) and growing investor focus on climate risk. China emerges as the leading contributor, while Africa and Latin America remain markedly underrepresented. Influential authors, leading journals, and core research themes, including greenwashing concerns and digital‐technology integration, are highlighted. Second, a meta‐analysis synthesizes issuance data, showing a shift toward larger deal sizes (particularly in developed markets); concentrated proceeds allocations to energy, transport, and buildings; and severe underinvestment (< 5%) in waste management and agriculture. Financial corporates, development banks, and supranational bodies dominate issuance, with emerging markets growing but still trailing. Critical barriers in developing regions, such as weak market infrastructure, high certification costs, and regulatory fragmentation, are examined, and derisking tools like blended finance and donor guarantees are proposed. By integrating these insights, the paper offers a comprehensive framework for policymakers, issuers, and investors to foster a more inclusive, transparent, and impactful green bond market. It also outlines future research directions focused on enhancing geographic inclusivity, sectoral diversification, standardized impact measurement, and technology‐enabled reporting.