期刊
ENERGY
卷 244, 期 -, 页码 -出版社
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2021.122704
关键词
NE enterprises; Innovation; Venture capital; Government participation; Joint type; Local investment
资金
- National Social Science Foundation of China [20BGL046]
This paper examines the impact of venture capital on innovation in China's new energy enterprises and finds that government participation and joint venture capital have a more significant effect in terms of innovation incentives, contributing to the increase in patent applications by new energy enterprises.
With a sample of the listed new energy (NE) enterprises in China (2010-2017), this paper investigates the impact of venture capital on NE enterprises innovation by applying the Propensity Score Matching (PSM) model and Poisson model. The results indicate that venture capital has a positive and significant impact on the innovation of NE enterprises, among which the innovation incentive effect of government participation and joint venture capital is more significant. Compared with non-government participation venture capital, single venture capital and non-local investment, government participation venture capital, joint venture capital and local investment are more conducive to promoting the increase of patent applications of NE enterprises. Besides, local investment conducted by government participation venture capital and joint venture capital have a more significant innovation incentive effect of NE enterprises. This paper not only reveals the impact of venture capital on the innovation of NE enterprises, but also provides the empirical basis for the government to adopt the market instrument to promote the development of NE industry. (c) 2021 Published by Elsevier Ltd.
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