Network Positions in Venture Capital Co-Shareholder Networks and Corporate Green Technology Innovation: Evidence from China’s STAR and ChiNext Markets

This is the authors' abstract. We don't add key points for this paper.

Given the urgent need for corporate green transformation in the context of global climate governance, the sustainable development goals, and China’s dual carbon goals, this study examines the spillover effects of venture capital networks formed through common shareholder ties on green technology innovation from a complex network perspective. Based on regression analysis of panel data from Chinese A-share STAR and ChiNext Market listed companies between 2015 and 2023, we find the following: (1) Within venture capital networks, enterprises with higher centrality and structural hole positions exhibit more significant green technology innovation performance. (2) This facilitation effect varies across firm types. Private enterprises, foreign-invested enterprises and enterprises with weaker ESG performance rely more heavily on network advantage for innovation. (3) The mechanism analysis shows that occupying advantageous positions in venture capital networks enables firms to increase R&D personnel and R&D expenditure, thereby strengthening their ability to absorb external knowledge and transform innovation resources, which further enhances green technology innovation output.