Abstract
This paper examines the impact of governmental venture capital on green innovation utilizing a unique and comprehensive dataset in China between 2009 and 2018. Our results consistently reveal significant and positive effects of GVCs on green innovation, a result derived from the analysis of 317,870 firm-year observations conducted through a difference-in-differences and propensity score matching panel approach. Moreover, GVCs investments indicate a significant but smaller effect when they invest in start-ups. Following GVC investments, companies tend to attract additional private and other governmental financing. Interestingly, GVCs structured as limited partnerships appear to stimulate more green innovation compared to corporate-venture-structured GVCs.
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