Study On The Influence Of Venture Capital Heterogeneity On Enterprise Green Technology Innovation

Along with rapid economic growth,the environmental costs caused by the development model of high input,high energy consumption and high pollution have become increasingly high,becoming an important issue facing the sustainable development of the country at present.Promoting industrial structure upgrading and developing green technology is the main way to green development in China.When conducting technology research and development,huge sums of money are required,but,in general,it is difficult for companies to establish a stable source of funding for research and development in the process of green technology innovation,making it more difficult to obtain financing support from traditional financial sources.Venture capital is a new type of financing that plays a key role in the innovation process,addressing the financing needs of companies to a certain extent,while also providing value-added services and monitoring incentives.This paper firstly compares the existing literature on venture capital intervention and corporate green technology innovation,venture capital heterogeneity and corporate green technology innovation,and analyses the impact of venture capital heterogeneity on corporate green technology innovation;And based on the four theories of corporate finance,information asymmetry,resource base and sustainable development,we analyse the mechanism of venture capital intervention and venture capital heterogeneity on the impact of corporate green technology innovation,and on the basis of the above analysis,we put forward the hypothesis of this paper.On the basis of the above analysis,the hypothesis of this paper is put forward.In the empirical part,the data of GEM listed enterprises from 2012-2021 were selected to construct a model to study the influence of venture capital involvement,reputation of venture capital institutions,associativity and equity background on corporate green technology innovation,and the following conclusions were obtained: venture capital involvement promotes corporate green technology innovation;highly reputable venture capital institutions help improve corporate green technology innovation;associativity of venture capital institutions has a positive influence on corporate green technology innovation The impact of the joint venture capital institutions on the green technology innovation of enterprises is positive;the state-owned venture capital institutions also have a positive impact on the green technology innovation of enterprises.Finally,appropriate suggestions are given at the government level,venture capital level and enterprise level.The government should improve the corresponding policy system and play a guiding role so as to promote venture capital and the development of green innovation in enterprises,venture capital institutions should give full play to their own advantages,and enterprises should choose the right venture capital for themselves,and also focus on the training of R&D personnel on.