Study on the Impact of Venture Capital on Corporate Carbon Performance
Main Article Content
Abstract
As global attention to climate change intensifies, venture capital has become an important driver of corporate carbon performance, including in strategic manufacturing sectors related to electromagnetic materials, antennas, electronic textiles, and low-carbon equipment production. Based on data from Shanghai and Shenzhen A-share listed companies from 2010 to 2023, this study employs a two-way fixed-effects model to analyze the influence of venture capital on corporate carbon performance. The results show that venture capital improves corporate carbon performance by alleviating financing constraints and promoting technological innovation. The impact varies with managerial ability and the intensity of financial regulation. Heterogeneity tests indicate that the effect of venture capital is more pronounced in non-state-owned enterprises, firms located in eastern regions, and heavily polluting corporations. These findings deepen the understanding of the internal logical relationship between venture capital and corporate carbon performance. They also provide practical implications for guiding private capital toward low-carbon technological innovation in advanced manufacturing fields, including electromagnetic-device manufacturing and antenna-related industrial chains, where capital support is needed for cleaner production, energy-efficient processes, and green technology upgrading.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
F. Chen, “Synergistic Benefits, Practical Challenges, and Development Pathways of Venture Capital Empowering Specialized, Refined, Unique, and Innovative Enterprises,” Chongqing Social Sciences, no. 1, pp. 130– 146, 2025, doi: 10.19631/j.cnki.css.2025.001.009.
H. Guo, J. Zhang, and H. Chen, “The Impact of Venture Capital Participation on Corporate M&A Decisions: A Perspective Based on Share Lock-up Periods,” Financial Research, no. 5, pp. 84–98, 2024, doi: 10.14115/j.cnki.10-1242/f.2024.05.001.
X. Peng and J. Peng, “Venture Capital Reputation, Subsequent Financing Constraints, and Corporate Innovation: Empirical Evidence from Panel Data of NEEQ-Listed Firms,” Accounting Journal, no. 14, pp. 88–94, 2021.
Y. Liu, Y. Wu, and Z. Zhu, “Digital Economy and Urban Carbon Performance Improvement: Effects and Mechanisms,” Research World, no. 8, pp. 69–78, 2023, doi: 10.13778/j.cnki.11-3705/c.2023.08.007.
Q. Chen, H. Li, and L. Song, “Developing New Quality Productivity: Venture Capital and the Growth of Innovative Enterprises,” Academic Research, no. 10, pp. 73–81, 177–178, 2024.
X. Pei, A. Jiang, Y. Ye, and F. Wang, “Private Investment, Environmental Regulation, and Green Technological Innovation: A Spatial Dobin Model Analysis of 11 Provinces and Municipalities in the Yangtze River Economic Belt,” Science and Technology Progress and Policy, vol. 36, no. 8, pp. 44–51, 2019.
J. Dong and J. Sun, “The Impact of Corporate Venture Capital on the Value of Start-ups: A Paradox Perspective Based on Investment Stages,” Research and Development Management, pp. 1–16, 2024, doi: 10.13581/j.cnki.rdm.20240785.
C. Zhang and W. Jiao, “Venture Capital and Economic Resilience: An Empirical Study Based on the Spatial Dobin Model,” Investment Research, vol. 40, no. 6, pp. 23–39, 2021.
H. Hao, X. Zhang, and Y. Tian, “Venture Capital Empowering New Quality Productive Forces Development: Theoretical Analysis and Empirical Evidence,” Southwest Finance, no. 1, pp. 67–79, 2025.
P. Zhang, W. Pan, and H. Liu, “The Impact of Venture Capital on the Diversification of Export Supply Chains in Start-ups,” Journal of Economics and Management Review, vol. 40, no. 6, pp. 132–145, 2024, doi: 10.13962/j.cnki.37-1486/f.2024.06.011.
Z. Liu, J. Xu, and F. Wu, “New Quality Productivity Empowering Carbon Neutrality Performance: Mechanisms and Empirical Evidence,” Environmental Science, pp. 1–21, 2024, doi: 10.13227/j.hjkx.202409269.
W. Huang, Z. Wang, Y. Liang, and Y. Xu, “Private Equity Investment Driving Corporate Green Innovation: Mechanisms and Policy Implications,” Southwest Finance, no. 1, pp. 51–66, 2025.
L. Wang, T. Zhang, and W. Lin, “The Impact of Venture Capital on Corporate Breakthrough Innovation: Evidence from Chinese Listed Companies,” Macroeconomic Research, no. 6, pp. 43–58, 2024, doi: 10.16304/j.cnki.11-3952/f.2024.06.003.
Q. Ma, X. Ren, H. Zhang, and G. Zhao, “Carbon Trading Policies, R&D Innovation, and Carbon Performance of Polluting Enterprises,” Science and Technology Management, vol. 44, no. 7, pp. 114–123, 2023, doi: 10.19571/j.cnki.1000-2995.2023.07.012.
C. Wu and Y. Zhang, “An Empirical Study on the Impact of Venture Capital on Dividend Policies of Listed Companies,” Journal of Finance and Banking, no. 9, pp. 178–191, 2017.
L. Cui, “The Impact of Venture Capital on Corporate Asset Allocation: An Analysis from the Perspective of Short-Term Borrowing for Long-Term Investment,” Accounting and Finance Bulletin, no. 11, pp. 65–70, 2024, doi: 10.16144/j.cnki.issn1002-8072.2024.11.018.
H. Lv, C. Ma, T. Tang, and F. Hao, “Fiscal Incentives, Green Technological Innovation, and Carbon Intensity in Industrial Enterprises,” Statistics and Information Forum, vol. 39, no. 5, pp. 59–72, 2024.
J. Jiao and W. Zhu, “Research on Venture Capital Empowering Corporate Innovation Pathways from a Financial Regulatory Perspective,” Credit Reference, vol. 42, no. 7, pp. 71–79, 2024.
L. Hong, H. Zhan, and J. Tang, “Financing Allocation Differences and Their Effects on Corporate Technological Innovation,” Research in Finance and Economics, vol. 50, no. 11, pp. 65–79, 2024, doi: 10.16538/j.cnki.jfe.20240922.302.
L. Zhang, J. Li, H. Zhang, and H. Wang, “Does Managerial Ability Affect Corporate Cost Stickiness?,” Accounting Research, no. 3, pp. 71–77, 2019.
R. Wang, Q. Zhang, and Q. He, “Does Financial Regulation Harm Financial Efficiency?,” Research in Financial Economics, vol. 34, no. 6, pp. 93– 104, 2019.
S. Tang, X. Wu, and J. Zhu, “Digital Finance and Corporate Technological Innovation: Structural Characteristics, Mechanism Identification, and Effect Differences under Financial Regulation,” Management World, vol. 36, no. 5, pp. 52–66, 9, 2020, doi: 10.19744/j.cnki.11-1235/f.2020.0069.
A. Pan, X. Liu, J. Qiu, and Y. Shen, “Can Green M&A Under Media Pressure Promote Substantive Transformation of Heavy Polluting Enterprises?,” China Industrial Economics, no. 2, pp. 174–192, 2019, doi: 10.19581/j.cnki.ciejournal.20190131.005.
J. Liu, “The Impact of Spatial Agglomeration Characteristics of Venture Capital Events on Corporate Technological Innovation,” Journal of Northwest University (Philosophy and Social Sciences Edition), vol. 54, no. 4, pp. 72–85, 2024, doi: 10.16152/j.cnki.xdxbsk.2024-04-007.
J. Fang and Y. Lin, “The Impact of Digital Transformation on Corporate Carbon Performance: Mediated by Green Technological Innovation,” Industrial Technology Economics, vol. 44, no. 1, pp. 106–114, 2025.
W. Zhu, H. Tang, and Y. Yang, “How Capital Market Participants Influence Corporate Carbon Performance: An Institutional Investor Shareholding Perspective,” New Finance, no. 2, pp. 69–79, 2025.
C. Xie, Y. Tan, W. Li, and Z. Wang, “Teaching to Fish: Technology-Based Venture Capital and Corporate Innovation,” Theory and Practice of Systems Engineering, pp. 1–21.
W. Zhang, K. Xu, and D. Li, “The Impact of Executives’ Green Awareness on Corporate Carbon Performance,” Journal of Xi’an University of Technology, pp. 1–17, doi: 10.19322/j.cnki.issn.1006-4710.2025.01.005.
L. Wang and C. Lu, “Corporate Venture Capital, Digital Transformation, and Integrated Innovation,” Journal of Finance and Economics, pp. 1–14, 2024, doi: 10.13762/j.cnki.cjlc.20241122.001.
Y. Li and X. Wang, “The Impact of Venture Capital on IPO Approval Success Rates and Time Efficiency under the Registration System,” Journal of Social Sciences, Hunan Normal University, vol. 53, no. 5, pp. 47–61, 2024, doi: 10.19503/j.cnki.1000-2529.2024.05.007.