Government Subsidies,Venture Capital And Green Technology Innovation

At the 75 th session of the United Nations General Assembly,the strategic development goal of “dual carbon” was put forward by General Secretary Xi Jinping,but China’s economic and social development is facing increasingly intensified resource and environmental constraints.The new energy industry is a technology-intensive industry,whose core competitiveness is the ability of green technology innovation,but green technology innovation is characterized by uncertainty and externality,and accompanied by many risks,and the new energy industry also has the problem of high unit cost.In this case,it is urgent for the government to guide and encourage enterprises’ green technology innovation behavior,and government subsidies directly reflect the country’s planning and guidance direction for innovation,and send positive signals to the outside world while injecting R&D funds for enterprises.Therefore,studying the impact of government subsidies on green technology innovation is of great practical significance to encourage green technology innovation of new energy enterprises.After elaborating the background and significance of the research,this paper first sorts out the relevant literature at home and abroad,defines the concepts of government subsidies and green technology innovation,and elaborates on the theory of externalities and signal transmission.Secondly,according to the impact of government subsidies on green technology innovation,the regulating effect of venture capital characteristics on the two and the mediating effect of R&D investment on the two,a research hypothesis is proposed,and then 188 A-share new energy listed enterprises from 2012 to 2020 are selected as research samples,and Stata16.0 is used to conduct multiple regression analysis after establishing a model,and robustness tests are carried out.The results show that:(1)government subsidies can significantly improve green technology innovation of new energy enterprises;(2)Venture capital participation has a positive moderating effect on government subsidies and green technology innovation;(3)The shareholding ratio of venture capital positively regulates the relationship between government subsidies and green technology innovation;(4)R&D investment has an intermediary effect between government subsidies and green technology innovation.In the end,according to the research conclusions of this paper,some policy suggestions are put forward from the two levels of government and enterprises,hoping that the government and enterprises can jointly promote enterprises’ green technology innovation.