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Effects of venture capital on green technology innovation in new energy vehicle industry in China

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  • Cailou Jiang
  • Dehai Liu

Abstract

Taking new energy vehicle (NEV) listed enterprises from 2010 to 2018 as a research sample, this paper empirically analyzes the innovative impact of VC on NEV enterprises by applying the difference-in-difference (DID) model. The results indicate that the intervention of VC has a positive and significant impact on the green technological innovation in NEV enterprises, an impact which is reflected in a significant increase in the number of green invention and green utility model patent applications. Compared with state-owned NEV enterprises, VC plays a more significant role in promoting the green technological innovation of private and foreign NEV enterprises. In the NEV industry chain, VC has significantly promoted green technological innovation of upstream and midstream NEV enterprises. From the perspective of VC, it also finds that, compared with independent and local VC, it is the syndicated and non-local VC that have a more positive and significant impact on green technological innovation in the NEV enterprises. Besides, the high-reputation of VC has not had an “incubating†effect on green technological innovation in NEV enterprises.

Suggested Citation

  • Cailou Jiang & Dehai Liu, 2024. "Effects of venture capital on green technology innovation in new energy vehicle industry in China," Energy & Environment, , vol. 35(1), pages 418-437, February.
    • Handle: RePEc:sae:engenv:v:35:y:2024:i:1:p:418-437
    DOI: 10.1177/0958305X221130135
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    Cited by:

    1. Qiu Zhao & Chenxi Tang, 2024. "The Impact of Economic Policy Uncertainty on Green Technology Innovation of New Energy Vehicle Enterprises in China," Sustainability, MDPI, vol. 16(10), pages 1-21, May.
    2. Qingyong Xu & Yuyan Xie & Haoyuan Ying, 2024. "Exploring the green patent system in China from the perspective of achieving the dual carbon goal: development, challenges and prospective enhancements," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    3. Liu, Dehai & Fu, Shaoyan & Li, Huiyun & Huang, Fuqiang, 2025. ""Dual-Smart" city construction and technical innovation:Evidence from China's new energy vehicle industry," Energy, Elsevier, vol. 335(C).
    4. Yu Zhang & Xiaotong Wang & Wei Guo & Xinlei Guo & Qisheng Wang & Xin Tan, 2024. "Does ESG Performance Affect the Enterprise Value of China’s Heavily Polluting Listed Companies?," Sustainability, MDPI, vol. 16(7), pages 1-21, March.
    5. Meike Siefkes & Anton Lohne Hamer & Gustav Haaland & Øyvind Bjørgum, 2024. "Profit first, environmental impact second? Investigating hybrid institutional logics in venture capital investment approaches," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 7922-7941, December.

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