对清洁技术的风险投资是否影响经济的绿色增长?——基于中国大陆数据的动态分析

Does venture capital in clean technology affect green growth of the economy? -- dynamic analysis based on Chinese mainland’s data

摘要:

利用中国大陆31个省、自治区和直辖市2007—2021年的面板数据,采用动态面板阈值模型,以不同阶段的风险投资作为阈值变量,考察对清洁技术的风险投资是否会导致中国经济的绿色增长。通过研究可以发现：清洁技术的发展除了需要国家政府的绿色贷款支持外,应该努力拓宽融资渠道,吸收社会资本尤其风险资本的投入,对于促进经济实现绿色增长会产生重要的影响作用；不同阶段风险资本的投入对经济实现绿色增长的三个主要因素“环境技术创新、二氧化碳生产率和可再生能源供应”的影响作用是不同的,因此在风险资本计划对清洁技术进行投资时,应根据企业的实际情况在能够积极影响经济实现绿色增长的投资阶段中投入更为合理的资金数量,从而提高风投资金的使用效率。

Abstract:

Based on the panel data of 31 provinces, autonomous regions and municipalities in the Chinese mainland from 2007 to 2021, the dynamic panel threshold model was adopted to investigate whether venture capital in clean technology would lead to the green growth of Chinese economy by taking venture capital in different stages as threshold variables. It can be found that in addition to the support of green loans from the national government, the development of clean technology should strive to broaden financing channels and absorb the investment of social capital, especially venture capital, which will have an important impact on promoting the green growth of the economy. Venture capital of different stages have different impacts on the three main factors of economic green growth: environmental technology innovation, carbon dioxide productivity and renewable energy supply. Therefore, when venture capital plans to invest in clean technology, according to the actual situation of enterprises, a more reasonable amount of capital should be invested in the investment stage that can positively affect the realization of green economic growth, so as to improve the efficiency of the use of venture capital.