Gan Tian, Li Yumin, Jiang Yan
School of Economics and Management, Tongji University, Shanghai, 200092, China.
Faculty of Business and Economics, The University of Hong Kong, Hong Kong, China.
Environ Sci Pollut Res Int. 2022 Dec;29(60):90615-90631. doi: 10.1007/s11356-022-21972-7. Epub 2022 Jul 23.
Utilizing a dataset of VC investment from 2005 to 2018, we investigate the relationship between air pollution and venture capital (VC) investment. We find that startups suffering severe air pollution receive less investment from VCs and experience a lower probability of financing from VCs. Our findings are robust to considering endogeneity concerns and various robustness checks. Moreover, air pollution is detrimental to startup innovation ability and entrepreneurial activities through which air pollution negatively affects VC investment. In response, VCs prefer to co-invest with other VCs to mitigate the adverse effect of air pollution. Our paper sheds new light on the impact of air pollution on the private financial markets.
利用2005年至2018年的风险投资数据集，我们研究了空气污染与风险投资（VC）之间的关系。我们发现，遭受严重空气污染的初创企业从风险投资机构获得的投资较少，且获得风险投资融资的概率较低。我们的研究结果在考虑内生性问题和各种稳健性检验时依然稳健。此外，空气污染不利于初创企业的创新能力和创业活动，空气污染通过这些方面对风险投资产生负面影响。作为回应，风险投资机构更倾向于与其他风险投资机构共同投资，以减轻空气污染的不利影响。我们的论文为空气污染对私人金融市场的影响提供了新的见解。
