Does governmental venture capital (GVC) advance green innovation? Big data evidence from China

被引：8

作者：

Li, Yuchen ^{[1
]}

Meng, Jiayin ^{[2
]}

Zhou, Ruifan ^{[3
]}

Wang, Ying ^{[4
]}

机构：

[1] Agr Bank China, 69 Jianguomen Nei St, Beijing 100005, Peoples R China

[2] UCL, Bartlett Sch Sustainable Construct, London WC1E 6BT, England

[3] China Sichuan Adm Inst, 43 Guanghuacun St, Chengdu 610071, Peoples R China

[4] Anglia Ruskin Univ, Fac Business & Law, East Rd, Cambridge CB1 1PT, England

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 93卷

关键词：

Governmental venture capital (GVC); Green innovation; Patents; Certification effect; PSM method; ENTREPRENEURIAL FINANCE; COMPETITIVE ADVANTAGE; EMPIRICAL-EVIDENCE; CORPORATE; PERFORMANCE; IMPACT; FIRMS; DETERMINANTS; PRODUCTIVITY; TECHNOLOGY;

D O I：

10.1016/j.iref.2024.03.056

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the impact of governmental venture capital on green innovation utilizing a unique and comprehensive dataset in China between 2009 and 2018. Our results consistently reveal significant and positive effects of GVCs on green innovation, a result derived from the analysis of 317,870 firm -year observations conducted through a difference -in -differences and propensity score matching panel approach. Moreover, GVCs investments indicate a significant but smaller effect when they invest in start-ups. Following GVC investments, companies tend to attract additional private and other governmental financing. Interestingly, GVCs structured as limited partnerships appear to stimulate more green innovation compared to corporate -venturestructured GVCs.

引用

页码：772 / 788

页数：17

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