Does venture capital stimulate the innovation of China's new energy enterprises?

Jiang, Cailou; Liu, Dehai

doi:10.1016/j.energy.2021.122704

Cited by 22 publications

(5 citation statements)

References 26 publications

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“…For China’s resource enterprises, the long investment return period and high uncertainty of green innovation mean that those enterprises need continuous and considerable amounts of investment [ 53 , 94 ]. Therefore, it is difficult to rely on the resource enterprise’s own funds for green innovation, implying that external resources are in demand for alleviating the financing constraints of green innovation activities.…”

Section: Resultsmentioning

confidence: 99%

The Impact of Financial Deepening on Carbon Reductions in China: Evidence from City- and Enterprise-Level Data

Tang

Chen

Tan

et al. 2022

IJERPH

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This study extends the limited evidence of the China context by establishing a panel fixed-effect model to identify the nexus between financial deepening and carbon emissions. Using newly compiled city-level (287 prefecture-level and above cities) and enterprise-level (resource enterprises listed on the Chinese A-shares) datasets from 2007 to 2019, this study quantitatively evaluated finance deepening and analysed the impact of financial deepening on carbon emissions in China, with a particular consideration of green innovation. Our results document that financial deepening contributes to carbon reductions, as shown by the considerably decreased carbon dioxide (CO2) emissions. Both the city-level and enterprise-level estimates argue that financial deepening has a promoting effect on green innovation. Stimulating green innovation is identified as an important mechanism through which financial deepening can contribute to carbon reductions. Policy implications are presented based on the empirical results.

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Section: Resultsmentioning

confidence: 99%

The Impact of Financial Deepening on Carbon Reductions in China: Evidence from City- and Enterprise-Level Data

Tang

Chen

Tan

et al. 2022

IJERPH

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show abstract

“…When the dependent variable is green utility model patents, the coefficient of local VC is 0.185, and passes the 5% significance level, and the coefficient of non-local VC is 0.108, but it is not significant, indicating that compared with non-local investment, the local investment of VC is more conducive to green technological innovation of NEV enterprises, which is inconsistent with the Hypothesis 4c. By applying PSM model and Poisson model to investigate the relationship between VC and new energy enterprises innovation, Jiang and Liu 45 also confirm find that VC choosing local investment can rely on the advantages of geographical distance and information accessibility to stimulate innovation in new energy enterprises. The possible reason for our conclusion maybe that on one hand, VC choosing local investment can avoid information asymmetry caused by geographical distance, on the other hand, it may convenient their management and supervision over NEV enterprises to conduct innovation activities.…”

Section: Empirical Analysismentioning

confidence: 86%

Effects of venture capital on green technology innovation in new energy vehicle industry in China

Jiang

Liu

2022

Energy & Environment

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Taking new energy vehicle (NEV) listed enterprises from 2010 to 2018 as a research sample, this paper empirically analyzes the innovative impact of VC on NEV enterprises by applying the difference-in-difference (DID) model. The results indicate that the intervention of VC has a positive and significant impact on the green technological innovation in NEV enterprises, an impact which is reflected in a significant increase in the number of green invention and green utility model patent applications. Compared with state-owned NEV enterprises, VC plays a more significant role in promoting the green technological innovation of private and foreign NEV enterprises. In the NEV industry chain, VC has significantly promoted green technological innovation of upstream and midstream NEV enterprises. From the perspective of VC, it also finds that, compared with independent and local VC, it is the syndicated and non-local VC that have a more positive and significant impact on green technological innovation in the NEV enterprises. Besides, the high-reputation of VC has not had an “incubating” effect on green technological innovation in NEV enterprises.

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“…12 the capital cost advantage of VRFB over LIBs, only when we assumed the VRFB's capital cost of energy (350 $/kWh) on the lower end of the literature data; 351 2) more sophisticated cost analysis methods (such as Levelized Cost of Energy and Net Present Value) yield more favorable outcomes for VRFBs, due to the longer cycle life of this technology. [353][354][355][356][357] Nevertheless, the general problems of high risk and low profit margin in the clean energy business [358][359][360][361][362][363][364] have a negative effect on VRFB development and adoption.…”

Section: Vanadium Rfbs-the Technology Frontrunnersmentioning

confidence: 99%

Review—Flow Batteries from 1879 to 2022 and Beyond

Tolmachev

2023

J. Electrochem. Soc.

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We present a quantitative bibliometric study of flow battery technology from the first zinc-bromine cells in the 1870s to megawatt vanadium redox flow battery (RFB) installations in the 2020s. We emphasize that the cost advantage of RFBs in multi-hour charge-discharge cycles is compromised by the inferior energy efficiency of these systems, and that there are limits on the efficiency improvement due to internal cross-over and the cost of power (at low current densities) and due to acceptable pressure drop (at high current densities). Differences between lithium-ion and vanadium redox flow batteries are discussed from the end-user perspective.

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Does venture capital stimulate the innovation of China's new energy enterprises?

Cited by 22 publications

References 26 publications

The Impact of Financial Deepening on Carbon Reductions in China: Evidence from City- and Enterprise-Level Data

The Impact of Financial Deepening on Carbon Reductions in China: Evidence from City- and Enterprise-Level Data

Effects of venture capital on green technology innovation in new energy vehicle industry in China

Review—Flow Batteries from 1879 to 2022 and Beyond

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