The effect of venture capital on green innovation: Is environmental regulation an institutional guarantee?

被引：28

作者：

Yang, Siying ^{[1
,2
]}

Feng, Dawei ^{[3
]}

Lu, Jingjing ^{[4
]}

Wang, Chuncao ^{[3
]}

机构：

[1] Jilin Univ, Ctr China Publ Sect Econ Res, Changchun 130012, Peoples R China

[2] Jilin Univ, Sch Econ, Changchun 130012, Peoples R China

[3] Jiangxi Univ Finance & Econ, Inst Ind Econ, Nanchang 330013, Jiangxi, Peoples R China

[4] Jilin Univ, Northeast Asian Studies Coll, Changchun 130012, Peoples R China

来源：

JOURNAL OF ENVIRONMENTAL MANAGEMENT | 2022年 / 318卷

关键词：

Venture capital; Green innovation; Environmental regulation; Agglomeration; FINANCING CONSTRAINTS; STATE; CHINA; PERFORMANCE;

D O I：

10.1016/j.jenvman.2022.115641

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

Venture capital (VC) may play a role in urban green innovation (GI) by providing long-term financial support. Based on panel data from 150 cities in China, this study analyzes the impact of VC on urban GI and the underlying mechanism. The research conclusions are as follows. VC significantly promotes urban GI, and we find micro-level evidence for this conclusion. The results of a quantile regression show that with an improvement in a city's GI level, the positive effect of VC shows an increasing trend. A mechanism analysis shows that VC promotes urban GI by enhancing urban investment and innovative talent agglomeration and that the accumulation of high-quality human capital brought by VC is the main reason for its positive impact on urban GI. In addition, the influence of VC on urban GI exhibits a threshold effect based on environmental regulations. There is an optimal range of environmental regulation intensity that maximizes the effect of VC on GI. This study confirms the important role of VC in regional GI activities, enriching the research on the innovation effect of VC and providing a theoretical and practical reference for promoting green economic development.

引用

页数：10

共 39 条

[11] An analysis of the differentiation rules and influencing factors of venture capital in Beijing-Tianjin-Hebei urban agglomeration [J].

Fang, Jiawen .

JOURNAL OF GEOGRAPHICAL SCIENCES, 2018, 28 (04) :514-528

[12] Does venture capital really foster innovation? [J].

Faria, Ana Paula ;

Barbosa, Natalia .

ECONOMICS LETTERS, 2014, 122 (02) :129-131

[13] Pollution control and foreign firms' exit behavior in China [J].

Greaney, Theresa M. ;

Li, Yao ;

Tu, Dongmei .

JOURNAL OF ASIAN ECONOMICS, 2017, 48 :148-159

[14] Venture capital investment and the performance of entrepreneurial firms: Evidence from China [J].

Guo, Di ;

Jiang, Kun .

JOURNAL OF CORPORATE FINANCE, 2013, 22 :375-395

[15]

Hamel G, 1999, HARVARD BUS REV, V77, P70

[16] INNOVATIVE CAPABILITY AND FINANCING CONSTRAINTS FOR INNOVATION: MORE MONEY, MORE INNOVATION? [J].

Hottenrott, Hanna ;

Peters, Bettina .

REVIEW OF ECONOMICS AND STATISTICS, 2012, 94 (04) :1126-1142

[17]

James D.E., 2013, Economic approaches to environmental problems: Techniques and results of empirical analysis

[18] Direct intervention by the subnational state: The development of public venture capital programs in the American States [J].

Jenkins, JC ;

Leight, KT .

SOCIAL PROBLEMS, 1996, 43 (03) :306-326

[19] The Consequences of Entrepreneurial Finance: Evidence from Angel Financings [J].

Kerr, William R. ;

Lerner, Josh ;

Schoar, Antoinette .

REVIEW OF FINANCIAL STUDIES, 2014, 27 (01) :20-55

[20] Assessing the contribution of venture capital to innovation [J].

Kortum, S ;

Lerner, J .

RAND JOURNAL OF ECONOMICS, 2000, 31 (04) :674-692

← 1 2 3 4 →