Venture Capital, Government Intervention And Green Technology Innovation In My Countr

As the economy enters a new stage of development,the country is paying more and more attention to environmental protection issues.The national "14th Five-Year Plan" clearly calls for "supporting green technology innovation" and "promoting clean production".Therefore,to create a better ecological environment,it is increasingly urgent to promote the green development of China’s economy with green technology innovation.To improve the level of technological innovation,financial support is needed,and venture capital can solve the problem of shortage of funds for enterprise’s technological research and innovation.However,venture capital is profit-seeking,which leads them to invest in industries that can make profits soon but have high energy consumption and pollution problems,which requires some government guidance for venture capital.Therefore,government intervention and venture capital assume a very important role in improving green technology innovation in China.In this context,this paper takes the national and provincial green technology innovation situation as the research object to analyze the influence of government intervention and venture capital on green technology innovation in China.The research in this paper mainly includes the following two aspects: on the one hand,the analysis is conducted from the theoretical perspective,and by reviewing the studies of domestic and foreign scholars,it is found that the impact of venture capital,government subsidies and environmental regulation on technological innovation have not formed a unified view: First,in the study of the impact of venture capital,most scholars affirm the promotion effect of venture capital,but some scholars believe that the impact of venture capital on green technological innovation.Second,in the relationship between government subsidies and green technology innovation,there are three views,namely,government subsidies can effectively promote the development of green technology innovation,government subsidies have inhibitory effect on green technology innovation,and the impact of government subsidies is uncertain.Third,like government subsidies,there are three views on the impact of environmental regulation,including it will promote green technology innovation,inhibit green technology innovation,and the impact is uncertain.Then,based on market failure theory,Porter’s hypothesis and spatial spillover effect,the effects of venture capital,government subsidies and environmental regulation on green technology innovation and the spatial correlation of green technology innovation are sorted out,and the hypothesis of this paper is proposed: venture capital and government subsidies have positive effects on green technology innovation in China,and at the same time,government subsidies will enhance the positive effects of venture capital on green The positive influence of venture capital and government subsidies on green technology innovation in China,and the positive influence of government subsidies on green technology innovation.The environmental regulation will inhibit green technology innovation and will play a negative role in regulating the positive impact of venture capital on green technology innovation.In addition,there is a spillover effect of green technology innovation in China in space.On the other hand,from an empirical perspective,30 provinces in China are selected as samples from 2009-2020,and the impact of venture capital and government intervention on green technology innovation is analyzed by constructing multiple linear regression models for the whole country,regions with different levels of economic development and regions with different intensity of government intervention,respectively,in addition to considering the spatial correlation of variables In addition,the spatial correlation of variables is considered,and a spatial Durbin model is constructed to analyze the interaction of variables between regions.Theoretically and empirically,the following conclusions are drawn: First,venture capital is beneficial to the improvement of green technology innovation in China.Second,government subsidies promote green technology innovation in China and positively regulate the impact of venture capital.Third,environmental regulations inhibit green technology innovation in China and negatively regulate the impact of venture capital.Fourth,green technology innovation has obvious spatial aggregation characteristics.Based on the above findings,the following four suggestions are made to better improve the level of green technology innovation in China: First,expand the scale of venture capital investment and optimize the investment strategy of venture capital.Second,enhance innovation subsidies and give full play to the dual attributes of government subsidies.Third,appropriately weaken environmental regulations and formulate suitable regulatory policies for each region.Fourth,give incentives to green technology innovation and give play to the leading demonstration role of advantageous regions.