Green Accounting and Information Quality for Green Credit and Green Bond Markets: A Literature Review and Analytical Framework for Emerging Green Finance Markets

Existing research on the relationship between green bonds, green credit, and accounting information quality has largely followed an empirical, firm-level quantitative approach, while a theoretical synthesis systematizing the transmission mechanism from green accounting to capital allocation efficiency in green finance markets remains absent. Using a desk-research method, this paper synthesizes, analyzes, and compares empirical studies published between 2020 and 2026, together with international green bond principles and standards, to construct an analytical framework describing a three-layer transmission mechanism: green accounting, information disclosure quality moderated by the degree of standards convergence and third-party independent verification, and green finance market efficiency as reflected in green bond issuance cost and green credit allocation efficiency. The synthesis indicates that green accounting information quality reduces information asymmetry and investors’ greenwashing risk expectations, thereby lowering the cost of capital and improving credit allocation efficiency. Building on this framework, the paper proposes policy implications for emerging green finance markets, including Vietnam, where the principal bottleneck is identified at the level of disclosure quality and intermediating governance mechanisms.