Study on the Impact of Venture Capital on Corporate Carbon Performance

As global attention to climate change intensifies, venture capital has become an important driver of corporate carbon performance, including in strategic manufacturing sectors related to electromagnetic materials, antennas, electronic textiles, and low-carbon equipment production. Based on data from Shanghai and Shenzhen A-share listed companies from 2010 to 2023, this study employs a two-way fixed-effects model to analyze the influence of venture capital on corporate carbon performance. The results show that venture capital improves corporate carbon performance by alleviating financing constraints and promoting technological innovation. The impact varies with managerial ability and the intensity of financial regulation. Heterogeneity tests indicate that the effect of venture capital is more pronounced in non-state-owned enterprises, firms located in eastern regions, and heavily polluting corporations. These findings deepen the understanding of the internal logical relationship between venture capital and corporate carbon performance. They also provide practical implications for guiding private capital toward low-carbon technological innovation in advanced manufacturing fields, including electromagnetic-device manufacturing and antenna-related industrial chains, where capital support is needed for cleaner production, energy-efficient processes, and green technology upgrading.