Research on the Influence Mechanism of Venture Capital and Enterprise Green Innovation

As Venture Capital (VC) becomes more prevalent in global capital markets,its role in driving green innovation has gained significant attention. Using data from listed companies between 2010 and 2023,this paper empirically examines the impact of VC on corporate green innovation. The findings reveal that VC significantly enhances corporate green innovation levels, and this conclusion remains robust after a series of robustness checks and endogeneity analyses. Heterogeneous analysis indicates that the positive role of VC is more pronounced in companies serviced by the Big Four auditing institutions and in manufacturing groups. The mechanism examination shows that VC drives green innovation by alleviating financing constraints and optimizing governance supervision. Our study suggests that VC not only provides financial support but also aids in the implementation of corporate green innovation strategies. These findings are highly significant for encouraging VC institutions to support corporate green transformation and for achieving sustainable economic and environmental development.