风险投资如何在企业绿色创新中发挥作用？来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-09-19 DOI:10.1016/j.iref.2024.103654

Peiyou Yu , Hui Dai , Jianhua Zhu , Shigeyuki Hamori , Rebecca Kechen Dong , Xiaoguang Yue

{"title":"风险投资如何在企业绿色创新中发挥作用？来自中国的证据","authors":"Peiyou Yu , Hui Dai , Jianhua Zhu , Shigeyuki Hamori , Rebecca Kechen Dong , Xiaoguang Yue","doi":"10.1016/j.iref.2024.103654","DOIUrl":null,"url":null,"abstract":"<div><div>This research underscores the critical role of green innovation in advancing corporate sustainability 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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103654"},"PeriodicalIF":4.8000,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"How does venture capital play a role in corporate green innovation? Evidence from China\",\"authors\":\"Peiyou Yu , Hui Dai , Jianhua Zhu , Shigeyuki Hamori , Rebecca Kechen Dong , Xiaoguang Yue\",\"doi\":\"10.1016/j.iref.2024.103654\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This research underscores the critical role of green innovation in advancing corporate sustainability 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.</div></div>\",\"PeriodicalId\":14444,\"journal\":{\"name\":\"International Review of Economics & Finance\",\"volume\":\"96 \",\"pages\":\"Article 103654\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-09-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Economics & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1059056024006464\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056024006464","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

这项研究强调了绿色创新在推动企业可持续发展和绿色转型中的关键作用。通过分析中国 2010 年至 2021 年间的 9048 个面板数据点，我们采用了一系列固定效应模型来评估风险投资（VC）如何影响企业的绿色创新。研究考察了风险投资对两个关键业务方面的影响：债务融资成本和企业承担风险的倾向。研究结果证实，风险投资可以降低与债务相关的财务负担，削弱企业承担风险的倾向，对促进企业绿色创新至关重要。此外，我们的异质性分析表明，在中国东部地区和国有企业中，风险投资的影响更为明显，这表明绿色创新动态存在地区和所有制差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

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

This research underscores the critical role of green innovation in advancing corporate sustainability 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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.