金融学院知识库

   绿色技术创新依据其经济和环境效益的双重性质，对促进经济可持续发展具有重要意义。而风险投资作为一种特殊的市场化融资手段，从诞生之日起就与高科技产业和技术创新联系在一起。本文在验证了绿色技术创新具有空间异质性的基础上，分析风险投资对区域绿色技术创新的直接和间接效应，以合理优化我国风险投资空间布局，推动东、中、西部地区绿色技术创新发展。

  因此，本文首先运用两阶段SBM—DEA模型测算2011—2020年中国30个省份（除西藏、港、澳、台地区）的绿色技术创新效率以及两个子阶段——绿色研发投入阶段和绿色成果转化阶段的效率，作为衡量绿色技术创新的指标，并探讨其区域差异；然后在考虑绿色技术创新效率的空间自相关前提下，使用空间杜宾模型分区域考察风险投资影响绿色技术创新过程中存在的直接效应和间接效应；最后检验风险投资推动绿色技术创新的两个子阶段发展过程中，在区域内和区域间存在的影响。最终得到以下结论：我国绿色技术创新效率整体处于较低水平，呈现出由东部向中西部地区递减的趋势，且绿色技术创新存在显著的空间相关性，创新的两个子过程也存在区域依赖性；风险投资整体上有助于提升绿色技术创新水平，具体表现为风险投资资金对研发人力资本和科技成果商业化支持，分区域来看，风险投资对东部地区绿色技术创新的整体影响多半来自于空间溢出效应，但对西部地区的作用效果相反；风险投资对绿色科技研发的影响总体大于对绿色成果转化的影响，即风险投资的参与更多刺激产业对研发的投入，但对最终产出推广也有正向影响。

      Green technology innovation plays an important role in promoting sustainable economic development according to its dual nature of economic and environmental benefits. Venture capital, as a special market-oriented financing means, has been linked with high-tech industry and technological innovation since its birth. On the basis of verifying the spatial heterogeneity of green technology innovation, this paper analyzes the direct and indirect effects of venture capital on regional green technology innovation, in order to optimize the spatial distribution of venture capital in China and promote the development of green technology innovation in eastern, central and western regions.

        Therefore, this paper first uses the two-stage SBM-DEA model to calculate the green technology innovation efficiency of 30 Provinces (except Xizang, Hong Kong, Macao and Taiwan) from 2011 to 2020 and the efficiency of two sub-stages -- green R&D investment stage and green achievement transformation stage, as indicators to measure green technology innovation, and discusses the regional differences. Then, considering the spatial autocorrelation of green technology innovation efficiency, the spatial Dubin model is used to investigate the direct and indirect effects of venture capital in the process of green technology innovation. Finally, we examine the influence of venture capital on the two sub-stages of green technology innovation within and between regions. Finally, the following conclusions are drawn: The overall efficiency of green technology innovation in China is at a low level, showing a decreasing trend from the east to the central and western regions, and there is a significant spatial correlation of green technology innovation, and the two sub-processes of innovation also exist regional dependence; Risk investment as a whole is helpful to enhance the level of green technology innovation, embodied in risk investment fund support for research and development of human capital and the commercialization of scientific and technological achievements, subregional perspective, risk investment to the overall impact of green technology innovation is in the east mostly comes from the spatial spillover effects, but the effects of the opposite in the western areas; The impact of venture capital on green science and technology r&d is generally greater than that on the transformation of green achievements, that is, the participation of venture capital stimulates industrial investment in R&D, but it also has a positive impact on the promotion of final output.