Center for China Public Sector Economy Research and School of Economic, Jilin University, Changchun, 130012, PR China.
Institute of Industrial Economics, Jiangxi University of Finance and Economics, Nanchang, 330013, PR China.
J Environ Manage. 2022 Sep 15;318:115641. doi: 10.1016/j.jenvman.2022.115641. Epub 2022 Jul 4.
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.
风险投资（VC）可以通过提供长期资金支持，在城市绿色创新（GI）中发挥作用。本研究基于中国 150 个城市的面板数据，分析了 VC 对城市 GI 的影响及其内在机制。研究结论如下：VC 显著促进了城市 GI，我们为此提供了微观层面的证据。分位数回归结果表明，随着城市 GI 水平的提高，VC 的积极作用呈增强趋势。机制分析表明，VC 通过增强城市投资和创新人才集聚来促进城市 GI，而 VC 带来的高质量人力资本积累是其对城市 GI 产生积极影响的主要原因。此外，VC 对城市 GI 的影响呈现出环境规制的门槛效应。环境规制强度存在一个最优范围，在此范围内，VC 对 GI 的影响最大。本研究证实了 VC 在区域 GI 活动中的重要作用，丰富了 VC 创新效应的研究，并为促进绿色经济发展提供了理论和实践参考。
