How does venture capital play a role in corporate green innovation? Evidence from China

被引：0

作者：

Yu, Peiyou ^{[1
]}

Dai, Hui ^{[1
]}

Zhu, Jianhua ^{[2
]}

Hamori, Shigeyuki ^{[3
]}

Dong, Rebecca Kechen ^{[4
]}

Yue, Xiaoguang ^{[5
]}

机构：

[1] Qingdao Univ Sci & Technol, Sch Econ & Management, Qingdao, Peoples R China

[2] Harbin Inst Technol, Sch Econ & Management, Weihai, Peoples R China

[3] Kobe Univ, Grad Sch Econ, Kobe, Japan

[4] Univ Technol Sydney, UTS Business Sch, Management DG, Broadway, NSW 2007, Australia

[5] European Univ Cyprus, Dept Comp Sci & Engn, CY-1516 Nicosia, Cyprus

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 96卷

基金：

中国国家自然科学基金;

关键词：

Venture capital; Corporate debt financing costs; Corporate risk-taking level; Corporate green innovation; FINANCE; FIRMS;

D O I：

10.1016/j.iref.2024.103654

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This research underscores the critical role of green innovation in advancing corporate sustain- ability and green transformation. Analyzing 9048 panel data points from China between 2010 and 2021, we applied a series of fixed effect models to assess how venture capital (VC) influences corporate green innovation. The study examined the effect of VC on two key business aspects: the costs of debt financing and the propensity for corporate risk-taking. The findings confirm that venture capital is essential in promoting corporate green innovation by lowering debt-related financial burdens and diminishing firms' inclination to take risks. Additionally, our heterogeneity analysis indicates that venture capital's impact is more pronounced within eastern China and among state-owned enterprises, suggesting regional and ownership-based variations in green innovation dynamics.

引用

页数：13

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