Insights for sustainable business practices: Comparative impact of independent and corporate venture capital funding on financial and environmental performance ^("is "){ }^{\text {is }} 可持续商业实践的启示：独立风险投资和公司风险投资对财务和环境绩效影响的比较 ^("is "){ }^{\text {is }}
Fatima Shuwaikh ^(a,**){ }^{\mathrm{a}, *}, Agathe Tanguy ^(b){ }^{\mathrm{b}}, Emmanuelle Dubocage ^(c){ }^{\mathrm{c}}, Othman Alolah ^(d){ }^{\mathrm{d}} Fatima Shuwaikh ^(a,**){ }^{\mathrm{a}, *} 、Agathe Tanguy ^(b){ }^{\mathrm{b}} 、Emmanuelle Dubocage ^(c){ }^{\mathrm{c}} 、Othman Alolah ^(d){ }^{\mathrm{d}}^(a){ }^{a} Léonard de Vinci Pôle Universitaire, Research Center, Paris La Défense, 92 916,France ^(a){ }^{a} 莱奥纳尔-德-芬奇大学研究中心，法国巴黎拉德芳斯，92 916^("b "){ }^{\text {b }} Universidade Católica Portuguesa, Catolica Lisbon School of Business and Economics, Palma de Cima, Lisboa 1649-023, Portugal ^("b "){ }^{\text {b }} 葡萄牙天主教大学，里斯本天主教商业和经济学院，葡萄牙里斯本帕尔马 1649-023
^(d){ }^{\mathrm{d}} Imam Mohammad Ibn Saud University, Riyadh, Saudi Arabia ^(d){ }^{\mathrm{d}} 伊玛目穆罕默德-伊本-沙特大学，沙特阿拉伯利雅得
A R T I C L E I N F O
Keywords: 关键词：
Corporate Venture Capital 企业风险投资
Independent Venture Capital 独立风险投资
Environmental Performance 环境绩效
Greenhouse Gas Emissions 温室气体排放
ESG
Financial Performance 财务业绩
Abstract 摘要
This study aims to analyze the effects of venture capital (VC) financing schemes on the financial and environmental performance of their VC-backed companies. This research leverages a dataset including 325 U.S. firms between 2002 and 2022 and examines two issues of interest: independent venture capital (IVC) and corporate venture capital (CVC) funding. The results show that IVC-backed companies have significantly better environmental, social, and governance (ESG) ratings and emit fewer greenhouse gases (GHG) emissions when compared to companies backed by CVC. This highlights that the function of IVC is to improve the environmental sustainability of businesses. Together this helps provide a valuable perspective about which VC models (CVC, IVC) does have an impact on how businesses pursue sustainability practices alongside financial performance. This paper contributes to the sustainable entrepreneurship literature by focusing on the importance of funding types with performing sustainable practices. 本研究旨在分析风险资本（VC）融资计划对其风险投资支持公司的财务和环境绩效的影响。本研究利用 2002 年至 2022 年间 325 家美国公司的数据集，对独立风险资本（IVC）和企业风险资本（CVC）融资这两个相关问题进行了研究。研究结果表明，与 CVC 支持的公司相比，IVC 支持的公司在环境、社会和治理（ESG）方面的评级明显更高，温室气体（GHG）排放量也更少。这凸显了 IVC 的功能在于改善企业的环境可持续性。这有助于提供一个有价值的视角，说明哪种风险投资模式（CVC、IVC）确实会对企业如何在追求财务业绩的同时追求可持续发展产生影响。本文通过关注资金类型对可持续发展实践的重要性，为可持续创业文献做出了贡献。
1. Introduction 1.导言
Venture capital (VC) financing undoubtedly has considerably driven the high rate of growth of startups and businesses today (Shuwaikh and Dubocage, 2022). But there is little research on the distinctive effect of Independent Venture Capital (IVC) and Corporate Venture Capital (CVC) on the environmental and financial performance of their backed companies (Chemmanur et al., 2014). The business activities have largely been oriented towards profit maximization. However, in a shift of paradigm there is now an emerging line of thought which emphasizes on environmental factor (Shuwaikh et al., 2022; Kraus et al., 2020). This is even more important now, given the growing international focus on environmental problems and the urgent need to address climate change. Tasks presented in the Paris Agreement such as the transition to renewable energy, increasing resource efficiency, implementing the principles of a circular economy, protecting biodiversity, sustainable transportation have taken on particular importance for companies of various industries. 风险资本（VC）融资无疑极大地推动了当今初创企业和商业的高速发展（Shuwaikh 和 Dubocage，2022 年）。但是，关于独立风险投资（IVC）和企业风险投资（CVC）对其所支持企业的环境和财务表现的独特影响的研究却很少（Chemmanur 等人，2014 年）。商业活动在很大程度上以利润最大化为导向。然而，随着模式的转变，现在出现了一种强调环境因素的思路（Shuwaikh 等人，2022 年；Kraus 等人，2020 年）。鉴于国际社会对环境问题的日益关注和应对气候变化的迫切需要，这一点现在显得更加重要。巴黎协定》中提出的任务，如向可再生能源过渡、提高资源利用效率、实施循环经济原则、保护生物多样性、可持续运输等，对各行各业的公司来说都尤为重要。
Although many studies have analyzed the financial and environmental performance of firms (e.g., Mansouri and Momtaz, 2022, Lange and Banadaki, 2023; Velte, 2017; Chouaibi et al., 2022). Some research has been reported on the environmental performance, e. g, Benkraiem et al. (2023a), and Lewandowski (2017), other researchers have examined financial performance, Environmental, Social, and Governance (ESG) criteria and corporate social responsibility (CSR) e.g. Diekel and Vanessa (2023) and Battisti et al. (2022). environmental performance. The ongoing studies in the field of VC financing have not provided the effect of different types of funding i.e., VC and financial performance aspect of corporate sustainability to date. A gap remains in the literature about the differentiated effects of IVC and CVC financing models on companies’ financial and environmental performance of their funded companies. The study approaches at probing into the effectiveness of different VC strategies in fostering sustainable business practices and environmental sustainability practices. 尽管许多研究分析了企业的财务和环境绩效（如 Mansouri 和 Momtaz，2022 年；Lange 和 Banadaki，2023 年；Velte，2017 年；Chouaibi 等人，2022 年）。一些研究报告涉及环境绩效，如 Benkraiem 等人（2023a）和 Lewandowski（2017），其他研究人员则研究了财务绩效、环境、社会和治理（ESG）标准以及企业社会责任（CSR），如 Diekel 和 Vanessa（2023）以及 Battisti 等人（2022）。目前在风险投资融资领域进行的研究尚未提供不同类型资金（即风险投资和企业可持续发展的财务绩效方面）的影响。关于 IVC 和 CVC 融资模式对受资助公司财务和环境绩效的不同影响的文献仍是空白。本研究旨在探讨不同风险投资战略在促进可持续商业实践和环境可持续实践方面的有效性。
IVCs, or “traditional venture capital,” is generally focused on generating strong financial returns and investments for both the investing firm and their funded companies. On the other hand, CVC is the effort of large companies to directly invest in startups and the development of young companies to innovate its own business. The organization, interests, and motivations of these two mechanisms of finance could not vary further (Shuwaikh et al., 2023a). Based on the unique characteristics of companies that influence the success of CVC or IVC, this research aims to fill the existing gap, understanding the benefits and limitations inherent to each type of financing (Mazza and Shuwaikh, 2022). The research objective of this paper is primarily to clarify the impact of IVC and CVC funding mechanisms on their backed companies performance. IVC，即 "传统风险投资"，一般侧重于为投资公司及其受资公司带来丰厚的财务回报和投资。另一方面，CVC 则是大公司直接投资于初创企业和发展年轻公司，以创新自身业务。这两种融资机制的组织形式、利益和动机大相径庭（Shuwaikh 等人，2023a）。基于影响 CVC 或 IVC 成功与否的公司独特特征，本研究旨在填补现有空白，了解每种融资方式的固有优势和局限性（Mazza 和 Shuwaikh，2022 年）。本文的研究目标主要是阐明 IVC 和 CVC 融资机制对其所支持公司业绩的影响。
The crucial contribution of this research is the entry on environmental performance which will assist in identifying the determinants of the impact of IVC and CVC funding on business sustainability. The financial consequences for sustainability-focused business have emerged as an interesting topic of analysis as how the financial performance of companies can shape the sustainability prospects will surely be influenced by investors’ assessment on financial return (Yuniarti, Soewarno and Isnalita, 2022). Through such decisive criteria as the ESG scores for environmental performance (Bassen and Kovács, 2008) or the GHG emissions. The focus on sustainability in the investment decision process allows this analysis to go beyond traditional financial measures, effectively illustrating how financing decisions interact with environmental performance. This provides an important resource for investors adopting new sustainable development strategies. 本研究的关键贡献在于对环境绩效的切入，这将有助于确定 IVC 和 CVC 资金对企业可持续发展影响的决定因素。以可持续发展为重点的企业的财务后果已成为一个有趣的分析主题，因为企业的财务业绩如何塑造可持续发展的前景，肯定会受到投资者对财务回报评估的影响（Yuniarti, Soewarno and Isnalita, 2022）。通过环境绩效的 ESG 分数（Bassen 和 Kovács，2008 年）或温室气体排放量等决定性标准。投资决策过程中对可持续发展的关注使该分析超越了传统的财务衡量标准，有效地说明了融资决策如何与环境绩效相互作用。这为投资者采用新的可持续发展战略提供了重要资源。
The paper contribution also is a comparison of IVC and CVC on financial performance. Net Income is an important measure for investors to assess the success of the company financial measurement (Yuniarti et al., 2022). This report is essential reading for both VC stakeholders as well as the stakeholders interested in understanding the rationale behind it. By presenting a systematic evaluation of the IVC as well as CVC financing, the study permits stakeholders to select the source of funding according to their needs and preferences. This helps them to plan a strategy that is custom suited for their need. 本文还对 IVC 和 CVC 的财务业绩进行了比较。净收入是投资者评估公司财务衡量成功与否的重要指标（Yuniarti et al.）对于风险投资公司的利益相关者以及有兴趣了解其背后原理的利益相关者来说，本报告都是必不可少的读物。通过对 IVC 和 CVC 融资进行系统评估，本研究允许利益相关者根据自己的需求和偏好选择资金来源。这有助于他们规划适合自身需要的战略。
Our study, then, sheds light on a debate that has been ongoing in policy circles about the potential role of VC to act as an investor to enhance environmental sustainability. With growing policy and regulatory attention on the inclusion of ESG factors in corporate strategies, this research contributes important insights about how different types of VC funding influence environmental performance. Previously a number of studies have examined the overall influence that venture capital has on financial and environmental performance, but little comparative research between IVC- and CVC- backed companies. We clarify this by directly comparing investments in these two types of VC and delving into their consequences for ESG and greenhouse gas (GHG) emissions. 因此，我们的研究揭示了政策界一直在争论的问题，即风险投资作为投资者在提高环境可持续性方面的潜在作用。随着将环境、社会和公司治理因素纳入企业战略的政策和监管关注度不断提高，本研究对不同类型的风险投资如何影响环境绩效提供了重要见解。此前有许多研究探讨了风险投资对财务和环境绩效的总体影响，但很少有研究对 IVC 和 CVC 支持的公司进行比较。我们通过直接比较这两类风险投资的投资情况，并深入研究它们对环境、社会和公司治理以及温室气体（GHG）排放的影响，澄清了这一问题。
This paper is structured as follows to address the research question on the impact of venture capital financing types (IVC vs CVC) on financial and environmental performance. In Section 2, a systematic literature review will be presented, highlighting existing research. Section 3 will outline the data selection and methodology employed in this study. Section 4 will present empirical results and the analysis of each model. Finally, Section 5 will discuss limitations and provide recommendations for future research. 本文的结构如下，以解决风险资本融资类型（IVC 与 CVC）对财务和环境绩效的影响这一研究问题。第 2 节将介绍系统的文献综述，重点介绍现有研究。第 3 节将概述本研究的数据选择和方法。第 4 节将介绍实证结果和对每个模型的分析。最后，第 5 节将讨论局限性，并为未来研究提出建议。
2. Theoretical framework 2.理论框架
2.1. Introduction to venture capital funding 2.1.风险投资简介
VC firms have eye-popping power to fuel and flourish new startups and entrepreneurial ventures (Shuwaikh and Dias, 2023). There are two broad methods of VC financing: first, the traditional IVC path and a larger volume of activity deemed CVC. The intent of this section is to elucidate the distinctions between these two financing mechanisms and enable readers to comprehend their distinct utility and features. Depending on regional environments, market conditions and cultural attitude towards sustainability the effect of VC may vary in terms ESG performance and GHG emissions. For example, regions with tight environmental regulations or sustainability legacies might experience varied dynamics. While our findings may be specific to U.S. firms, the core idea that VC plays in sustainability are of potential broader applicability internationally as well. Nevertheless the manner in which IVC and CVC function may vary due to regional facilities. Therefore, comparative studies might be meaningful to further explore how geographical location determines the effect of IVC and CVC. 风险投资公司拥有令人瞠目的力量，可以推动和促进新的初创企业和创业企业的发展（Shuwaikh 和 Dias，2023 年）。风险投资的融资方法大致有两种：第一种是传统的国际风险投资（IVC）途径，另一种是被认为具有较大活动量的国际风险投资（CVC）途径。本节旨在阐明这两种融资机制之间的区别，使读者能够理解其不同的效用和特点。根据地区环境、市场条件和对可持续发展的文化态度的不同，风险投资在环境、社会和公司治理表现以及温室气体排放方面的效果也会不同。例如，环境法规严格或具有可持续发展传统的地区可能会经历不同的动态变化。虽然我们的研究结果可能只针对美国公司，但风险投资在可持续发展中发挥的核心作用在国际上也可能具有更广泛的适用性。然而，IVC 和 CVC 发挥作用的方式可能会因地区设施而有所不同。因此，比较研究对于进一步探索地理位置如何决定 IVC 和 CVC 的效果可能很有意义。
The paper examines U.S. firms over the 2002-22 period, which has seen rapid and far-reaching changes in both VC markets and environmental regulations. The U.S., home to one of the largest venture capital ecosystems globally, is a valuable dataset used by many researchers for studying corporate finance and innovation patterns around the world. The specific time period included was pivotal in the transition of venture capital strategies from post-dot-com excesses to today’s focus on sustainability and ESG metrics. This range covers important moments such as the entering into force of Paris Agreement, which has been urging companies more to introduce green technology and enhance their ecological performance. 本文研究了 2002-22 年期间的美国公司，在此期间，风险投资市场和环境法规都发生了迅速而深远的变化。美国拥有全球最大的风险投资生态系统之一，是许多研究人员用来研究全球企业融资和创新模式的宝贵数据集。在风险投资战略从点com之后的过度过渡到今天对可持续发展和环境、社会和公司治理指标的关注的过程中，所包含的具体时间段至关重要。这一时期涵盖了《巴黎协定》生效等重要时刻，《巴黎协定》敦促企业更多地引进绿色技术，提高生态绩效。
Caselli and Negri (2021) provide an extensive overview of how VC markets work differently from country to country in the E.U. The variation with respect to cultural, economic and regulatory factors specific by country influence investment strategies as well as sector Caselli 和 Negri（2021 年）对欧盟各国风险投资市场如何以不同方式运作进行了广泛的概述。
focus on the impact of VC in general innovative activities and overall growth. A number of challenges that are unique to the European market, such as granularity and regulatory differences, both more so than can differ dramatically from those encountered by U.S. or Asia-Pacific countries. By combining these perspectives, authors extend the discussion of VC in sustainability and grounds our insights into a global context that may facilitate comparisons with regions across the globe. 重点关注风险投资对一般创新活动和整体增长的影响。欧洲市场所面临的一些独特挑战，如颗粒度和监管差异，都与美国或亚太地区国家所遇到的挑战有很大不同。通过将这些观点结合起来，作者扩展了对可持续发展中的风险投资的讨论，并将我们的见解置于全球背景下，从而有助于与全球各地区进行比较。
Groh et al. (2010) built composite indices that assess the attractiveness of 27 European countries for institutional investment in VC and Private Equity. Top countries in terms of quality and range of the products offered are significantly amplified by better investor protection, corporate governance and larger as well as more liquid capital market. The size and liquidity in the market also demonstrates to the broader financial community experience with professionalism, deal flow and exit opportunities. In general, their results indicate that although investor protection and capital markets are important aspects of attractiveness, many other characteristics also matter. Groh 等人（2010 年）建立了综合指数，评估 27 个欧洲国家对风险投资和私募股权投资机构投资的吸引力。在所提供产品的质量和范围方面，排名靠前的国家在投资者保护、公司治理、资本市场的规模和流动性方面都有明显优势。市场的规模和流动性也向更广泛的金融界展示了专业经验、交易流量和退出机会。总体而言，他们的研究结果表明，虽然投资者保护和资本市场是吸引力的重要方面，但许多其他特征也很重要。
2.1.1. Independent Venture Capital 2.1.1.独立风险投资
IVC is grounded in a core set of principles as a strategic approach to finance creative sector businesses. As noted by Fulghieri and Sevilir (2009), IVCs are formed by VC firm, one of the most prominent types of investment institutions that concentrate on the selection of companies for the allocation of their resources that demonstrate a high perspective for innovation. This technique aims to achieve high capital gains through the growth and valuation increase of selected companies. Colombo and Murtinu (2017) has shown that IVC can manage any types of funds from all kinds of sources i.e. banks, pension funds, hedge funds, insurance companies, university endowments, high-net-worth individuals, and family offices. As described by Chemmanur et al. (2014), each individual fund is structurally set up as a discrete limited partnership, with the management firm serving as the general partner, and the capital backers as limited partners. IVC 以一套核心原则为基础，是为创意行业企业融资的一种战略方法。正如 Fulghieri 和 Sevilir（2009 年）所指出的，IVC 是由风险投资公司组建的，而风险投资公司是最著名的投资机构类型之一，专注于选择具有创新前景的公司进行资源分配。这种技术旨在通过所选公司的增长和估值提升实现高资本收益。Colombo 和 Murtinu（2017）的研究表明，IVC 可以管理来自银行、养老基金、对冲基金、保险公司、大学捐赠基金、高净值个人和家族办公室等各种来源的任何类型的资金。正如 Chemmanur 等人（2014 年）所描述的那样，每个单个基金在结构上都是一个独立的有限合伙企业，管理公司是普通合伙人，资本支持者是有限合伙人。
This form of organization can ensure the transparency and openness of management and mobilize interest of invested parties by efficiency of IVCs credibility. They have a number of financial sources which allow them to research all sort of opportunities and take a bit of risk. This is why they are a critical driver of innovation and economic growth. IVCs also do not control the destiny of start-ups as they are mostly not linked to the start-ups beforehand. This method ensures an impartial and neutral way to choose the investments (Colombo and Murtinu, 2017). 这种组织形式可以确保管理的透明度和公开性，并通过提高国际风险投资公司的信誉来调动投资各方的兴趣。它们有许多资金来源，可以研究各种机会并承担一些风险。因此，它们是创新和经济增长的重要推动力。国际风险投资公司也不会控制初创企业的命运，因为它们大多事先与初创企业没有联系。这种方法确保了选择投资的公正性和中立性（Colombo and Murtinu, 2017）。
As Chemmanur et al. (2014) in detail emphasized, the greatest capitalism constant in IVC finance is the focus on maximizing financial returns. IVCs differentiate themselves from most other investments as they also often place an emphasis on, or mandate, financial returns for shareholders, indicating their intention to do everything they can to generate as high a profit as possible for the individuals who have placed money in their fund. The central aim is gaining maximization on investments, but with the intention of aligning the interests of investors and the growth trajectory of innovation-based companies (Fulghieri and Sevilir, 2009). IVCs play a critical part, as these firms provide money and specialized knowledge and strategic advice to companies that are in their investment portfolio. Fulghieri and Sevilir (2009) suggest that IVCs is actively initiated by investors. They do more than just give money but work to make their portfolio businesses successful. 正如 Chemmanur 等人（2014 年）详细强调的那样，国际风险投资融资中最大的资本主义不变因素是对财务回报最大化的关注。IVC 有别于大多数其他投资，因为它们通常也强调或强制要求股东获得财务回报，这表明它们打算竭尽所能为将资金投入其基金的个人创造尽可能高的利润。其核心目标是实现投资收益最大化，但目的是使投资者的利益与创新型公司的发展轨迹保持一致（Fulghieri 和 Sevilir，2009 年）。国际风险投资公司发挥着至关重要的作用，因为这些公司为其投资组合中的公司提供资金、专业知识和战略建议。Fulghieri 和 Sevilir（2009 年）认为，IVC 是由投资者积极发起的。他们所做的不仅仅是提供资金，而是努力使其投资组合中的企业取得成功。
2.1.2. Corporate Venture Capital 2.1.2.企业风险投资
Shuwaikh (2018) explain how CVC is a strategic investment technique of existing corporates into pioneering start-ups. This investment goes further than just the money and it implies an intimate physical relationship between the parent company and the startup (Shuwaikh and Dubocage, 2022). This close relationship, in the shape of either minority or virtual control ownership, goes beyond the traditional financial benefits. Therefore, the latter is of negligible importance in relation to the former, is often set up to capture strategic synergies. CVC is unique given its diverse set of objectives. Mazza and Shuwaikh (2022) argued that CVC enterprises are not only for profit but also for strategic purposes - such as entering new industries, gaining technological insights, and seeking strategic alliances (Fulghieri and Sevilir, 2009). As highlighted by Chemmanur et al. (2014), this strategic focus is intended to create a differential competitive advantage to the parent firms (Shuwaikh et al., 2022b). Shuwaikh（2018 年）解释了 CVC 如何成为现有企业对开拓性初创企业的战略投资技术。这种投资不仅仅是资金，它还意味着母公司与初创企业之间亲密的实体关系（Shuwaikh 和 Dubocage，2022 年）。这种以少数股权或虚拟控制权为形式的密切关系，超越了传统的经济利益。因此，与前者相比，后者的重要性可以忽略不计，而后者的建立往往是为了获取战略协同效应。鉴于其目标的多样性，CVC 具有独特性。Mazza 和 Shuwaikh（2022 年）认为，CVC 企业不仅是为了盈利，也是为了战略目的--如进入新行业、获得技术洞察力和寻求战略联盟（Fulghieri 和 Sevilir，2009 年）。正如 Chemmanur 等人（2014 年）所强调的，这种战略重点旨在为母公司创造差异化竞争优势（Shuwaikh 等人，2022b）。
Some special characteristics of companies backed by CVC indicate that CVC-backed firms exhibit greater innovation output despite being younger, riskier, and less profitable relative to IVC-backed firms (Chemmanur et al., 2014). Value creation is a crucial aspect of CVC and specifically for its capability to exponentially increase value by tapping into the specialized resources of the parent firm of the CVC investor (Shuwaikh et al., 2022c). Greatly from the CVC model, as they get access to significant resources and domain expertise. Several core competences may be highlighted, including a variety of distribution channels, sales force capabilities, brand reputation, production improvements, and complementary technology expertise (Colombo and Murtinu, 2017). 由 CVC 支持的公司的一些特殊特征表明，尽管与 IVC 支持的公司相比，CVC 支持的公司更年轻、风险更高、盈利能力更弱，但它们却表现出更高的创新产出（Chemmanur 等人，2014 年）。价值创造是 CVC 的一个重要方面，特别是其通过利用 CVC 投资者母公司的专业资源实现价值指数增长的能力（Shuwaikh 等人，2022c）。CVC 投资者可以从 CVC 模式中获得大量资源和领域专长。几种核心竞争力可能会得到强调，包括各种分销渠道、销售队伍能力、品牌声誉、生产改进和互补技术专长（Colombo 和 Murtinu，2017 年）。
The comprehensive strategy that is adopted in research to study VC funding is to choose certain financial performance indicators (ROA, ROE and Tobin’s Q) which are meticulous to highlight the financial performance (Benkraiem et al., 2023b). The choice of the initial set of predictors builds on both the relevance and recurrence/occurrence of indicators in the extant literature suggested in Naeem, and Çankaya (2022) and Benkraiem et al. (2023a), and Velte (2017). 研究风险投资的综合策略是选择某些财务绩效指标（ROA、ROE 和 Tobin's Q），这些指标对突出财务绩效非常细致（Benkraiem et al.，2023b）。Naeem 和 Çankaya （2022 年）、Benkraiem 等人（2023a）以及 Velte（2017 年）在现有文献中提出的指标的相关性和重复性/发生率都是初始预测因子集选择的基础。
The empirical literature studying the link between environmental performance and competitiveness essentially examines whether practices consistent with a more environmentally friendly behavior translate into financial gains (Benkraiem et al., 2022). In other previous studies different internal and external driving forces were pointed out as motivated factors of environmental performance (Hart, 1995). In addition to the firm level outcomes, many studies have also aimed at explaining why environmental performance should matter for financial and non-financial measures (Klassen and Mclaughlin, 1996). One way of dealing with environmental problems is through incentives which do not directly force to go green, but motivate firms into adopting environmentally friendly behavior. For instance, Qian et al. (2022) have shown that corporate environmental responsibility activities improve firms ROE by 2.62%2.62 \% and enhance their firm value about 0.10%0.10 \%. These are firms represented on units which were traded (and also showed an 研究环境绩效与竞争力之间联系的实证文献主要探讨了与更环保行为相一致的做法是否会转化为经济收益（Benkraiem 等人，2022 年）。以前的其他研究指出，不同的内部和外部驱动力是环境绩效的动因（Hart，1995 年）。除了公司层面的结果，许多研究还旨在解释为什么环境绩效与财务和非财务措施有关（Klassen 和 Mclaughlin，1996 年）。解决环境问题的一种方法是通过激励措施，这些措施并不直接强制企业进行环保，而是激励企业采取环保行为。例如，Qian 等人（2022 年）的研究表明，企业环境责任活动可使企业的 ROE 提高 2.62%2.62 \% 并使企业价值提高 0.10%0.10 \% 左右。这些公司是以交易单位为代表的公司（也显示了
upward trend with time) as green, whose economic value added revealed an increasing trajectory through the years and in different periods had varying ROE (Shuwaikh et al., 2023a). 随着时间的推移呈上升趋势）为绿色，其经济增加值呈逐年上升趋势，在不同时期具有不同的投资回报率（Shuwaikh 等人，2023a）。
Related to this is that environmental performance improvements have a timing effect on financial success (Hoang et al., 2020). Other studies have analyzed the degree to which environmental performance impacts profitability within different industries (Chen et al., 2023). The negative relationship seems to be sector focused as suggested by Bendig et al. (2022) that found relatively uniform broad-based economic sectors were more volatile than narrowly defined business-cycle sensitive industry groupings. Furthermore, (Gonenc and Scholtens, 2017) have also documented similar negative relationships within the fossil fuel industry demonstrating that a relaxed regulatory framework can create stronger linkages among these variables. 与此相关的是，环境绩效的改善对财务成功具有时间效应（Hoang 等人，2020 年）。其他研究分析了环境绩效对不同行业盈利能力的影响程度（Chen 等人，2023 年）。Bendig 等人（2022 年）发现，相对统一的基础广泛的经济部门比对商业周期敏感的狭义行业分组更不稳定，这种负面关系似乎以行业为重点。此外，（Gonenc 和 Scholtens，2017 年）也记录了化石燃料行业内类似的负相关关系，表明宽松的监管框架可以在这些变量之间建立更强的联系。
The considerable and increasing body of research on environmental performance and financial success suggests that a “win-win” situation is realistic and firms can improve their financial outcomes by improving their environmental (Adomako et al., 2021). Busch and Hoffmann, (2011) find empirical evidence that financial performance, as measured by Tobin’s Q, is positively related to outcome-based environmental indicators but this relation seems less robust for the process management based measurements. These benefits of improved environmental performance more than offset possible drawbacks to the company (Ambec and Lanoie, 2008); additionally confirmed by Dixon-Fowler et al. (2013) found a positive and significant association between environmental performance and market-based financial metrics. 关于环境绩效和财务成功的大量研究表明，"双赢 "局面是现实的，企业可以通过改善环境来提高财务成果（Adomako 等人，2021 年）。Busch 和 Hoffmann（2011 年）发现，经验证据表明，以托宾 Q 衡量的财务绩效与基于结果的环境指标呈正相关，但对于基于过程管理的衡量指标而言，这种关系似乎不那么稳健。提高环境绩效带来的好处足以抵消公司可能面临的弊端（Ambec 和 Lanoie，2008 年）；此外，Dixon-Fowler 等人（2013 年）发现环境绩效与基于市场的财务指标之间存在显著的正相关。
Hypothesis 1. IVC- backed companies exhibit better financial performance in comparison to CVC-backed companies. 假设 1：与 CVC 支持的公司相比，IVC 支持的公司表现出更好的财务业绩。
2.2. VC and ESG performance 2.2.风险投资和环境、社会和公司治理绩效
Investor’s emphasis on ESG aspects emerged as a common theme and featured high on their agenda in the current discussions (Naeem and Çankaya, 2022). Regarding ESG ratings, Bassen and Kovács (2008) also point out that “the development of ESG ratings has an important macroeconomic impact in the sense of providing information about company risks and opportunities to investors and stakeholders”, and that “ESG ratings have rather evolved notably”. ESG basically has to do with putting ESG factors at the heart of business practice. They are these important elements that are applied to assess the business ethics, corporate social responsibly and corporate governance while being classified as the non-financial performance indicators (Kim and Li, 2021). 在当前的讨论中，投资者对环境、社会和公司治理方面的重视成为一个共同的主题，并在他们的议程中占据重要位置（Naeem 和 Çankaya, 2022 年）。关于环境、社会和公司治理评级，Bassen 和 Kovács（2008 年）也指出，"环境、社会和公司治理评级的发展具有重要的宏观经济影响，因为它为投资者和利益相关者提供了有关公司风险和机遇的信息"，而且 "环境、社会和公司治理评级的发展相当显著"。从根本上说，环境、社会和公司治理就是把环境、社会和公司治理因素放在商业实践的核心位置。这些重要因素被用于评估商业道德、企业社会责任和企业治理，同时被归类为非财务绩效指标（Kim 和 Li，2021 年）。
Naeem and Çankaya (2022) believed that ESG provides a comprehensive analysis through integration of company ESG activities, which will increase the resolution of examination. Also, due to the awareness in the business world, there is an increased amount of interest in ESG strategies and investments as well as a demand in transparency and sustainability of such systems (Naeem and Çankaya, 2022). Making ESG disclosure helps increase transparency, reduce information asymmetry, and enhance investor confidence (Yang et al., 2023). In addition, more transparent can also reduce the cost of firm can be attributed to misleading information issues and promote the company and investors to trust each other (Cheng, Ioannou, and Serafeim, 2014). Naeem 和 Çankaya （2022 年）认为，ESG 通过整合公司的 ESG 活动提供了全面的分析，这将提高审查的分辨率。此外，由于商业界的认识，人们对环境、社会和公司治理战略和投资的兴趣日益浓厚，并对此类系统的透明度和可持续性提出了更高的要求（Naeem 和 Çankaya，2022 年）。披露环境、社会和公司治理信息有助于提高透明度，减少信息不对称，增强投资者信心（Yang 等人，2023 年）。此外，提高透明度还能降低公司因信息误导问题而付出的成本，促进公司与投资者之间的相互信任（Cheng、Ioannou 和 Serafeim，2014 年）。
This is aligned with the current sustainability investment movement pushing for VCs to incorporate ESG factors to their decisions or investments as illustrated by Bocken, Rana, and Short (2015). In a study by Botsari and Lang (2020), 70%70 \% of VCs claim ESG issues form part of their investment considerations in investment decision making, with most of its focus during due diligence. Nonetheless, despite ESG screening being extraordinarily widespread, translations into ESG incorporation are scant (Lange and Banadaki, 2023). This underscores the importance of fully and consistently integrating ESG considerations to maximize their impact on investment decision-making. This underscores the importance of embedding ESG factors deeply and consistently to maximize the impact on investment decisions. VCs acknowledged the paramount significance of ESG, in both future investment decisions and the necessity to implement ESG into their strategy in order to attract more funds (Lange and Banadaki, 2023). 正如 Bocken、Rana 和 Short（2015 年）所指出的，这与当前的可持续发展投资运动相一致，该运动推动风险投资公司将环境、社会和公司治理因素纳入其决策或投资中。在 Botsari 和 Lang（2020 年）的一项研究中， 70%70 \% 风险投资公司声称，ESG 问题是他们在投资决策中考虑的投资因素之一，其重点大多在尽职调查过程中。然而，尽管环境、社会和公司治理筛选非常普遍，但对纳入环境、社会和公司治理的翻译却很少（Lange 和 Banadaki，2023 年）。这就强调了全面、持续地纳入 ESG 考虑因素的重要性，以最大限度地发挥其对投资决策的影响。这强调了深入、持续地融入环境、社会和治理因素的重要性，以最大限度地发挥其对投资决策的影响。风险投资公司承认环境、社会和公司治理对未来投资决策的重要意义，以及将环境、社会和公司治理纳入其战略以吸引更多资金的必要性（Lange 和 Banadaki，2023 年）。
VCs should think about integrating ESG criteria into their investment decisions. When sustainable long-term operations are the goal of a VC. VCs can provide guidance and resources to their portfolio companies in order for them to improve upon sustainability practices. This would include any ESG reporting, sustainability strategy and advancement in green technologies. Sustainability should be on the radar for startups, they will have to figure out how to incorporate it into their business model in order to receive IVC funding and increase ESG. This can include installation of green technologies, resource use efficiency and good environmental management practices. Focusing on sustainability eventually pays great dividends, for instance in the form of investor relations and market positioning. ESG performance of a business is likely to attract more investors and customers if it is good, even considering some startups. 风险投资公司应考虑将环境、社会和公司治理标准纳入其投资决策。当可持续的长期运营成为风险投资公司的目标时。风险投资公司可以为其投资的公司提供指导和资源，以便它们改进可持续发展实践。这包括任何环境、社会和公司治理报告、可持续发展战略和绿色技术的进步。可持续发展应成为初创企业的关注重点，他们必须想出办法将可持续发展纳入其商业模式，以获得 IVC 的资金并提高 ESG。这可以包括安装绿色技术、提高资源利用效率和良好的环境管理实践。注重可持续发展最终会带来巨大收益，例如在投资者关系和市场定位方面。如果企业的环境、社会和公司治理表现良好，甚至考虑到一些初创企业，就有可能吸引更多的投资者和客户。
While IVCs typically chase high growth opportunities, ESG factors have become a more important part of the consideration set as the market has demanded it. For example, VCs who are independent may help startups having innovative technologies and solutions that leads to reduce GHG emissions. Most CVCs require their investments to be aligned with the sustainability goals of the parent corporation, leading to a higher standard when it comes to ESG criteria for portfolio companies. 虽然独立风险投资公司通常追逐高增长机会，但随着市场的需求，环境、社会和治理因素已成为其考虑因素中更为重要的一部分。例如，独立的风险投资公司可能会帮助初创企业开发创新技术和解决方案，从而减少温室气体排放。大多数 CVC 都要求其投资与母公司的可持续发展目标保持一致，从而对所投资公司的 ESG 标准提出了更高的要求。
Hypothesis 2. IVC-backed companies exhibit higher environmental performance (ESG) in comparison to CVC-backed companies. 假设 2：与 CVC 支持的公司相比，IVC 支持的公司表现出更高的环境绩效（ESG）。
2.3. VC and GHG emissions 2.3.脆弱性和温室气体排放
The present circumstances emphasize the critical significance of adopting environmentally friendly practices in the endeavor to achieve worldwide sustainable development. Human activities, which release substantial amounts of GHG (Adedoyin, Alola, and Bekun, 2020), are primarily responsible for climate change. This phenomenon is causing a significant disruption to the global ecosystem. Businesses are increasingly acknowledging the significance of environmentally friendly investments as a means to address and mitigate pollution. Nevertheless, addressing the worldwide issue of climate change resulting from GHG emissions remains a multifaceted endeavor (Sun et al., 2022; Al-Ismail et al., 2023; Goglio et al., 2020). Shuwaikh et al. (2022a) emphasize the imperative 目前的情况突出表明，在努力实现全球可持续发展的过程中，采取对环境友好的做法至关重要。人类活动释放出大量温室气体（Adedoyin, Alola, and Bekun, 2020），是造成气候变化的主要原因。这一现象对全球生态系统造成了严重破坏。企业越来越认识到，环保投资是解决和减轻污染的重要手段。然而，解决温室气体排放导致的全球气候变化问题仍然是一项多方面的工作（Sun 等人，2022 年；Al-Ismail 等人，2023 年；Goglio 等人，2020 年）。Shuwaikh 等人（2022a）强调必须
of establishing ambitious goals in order to foster a sustainable future with reduced carbon emissions. 制定雄心勃勃的目标，以促进减少碳排放的可持续未来。
In the current context, in order to pursue global sustainable development, the global citizens have more reasons to accept environmentally safe practices. Climate change is largely due to the release of massive greenhouse gases by human activities (Adedoyin et al., 2020). This trend is disrupting entire ecosystem on global scale. More and more businesses are realizing the importance of eco-conscious investing in an age when pollution is so rampant. However, the solution of global problem of the climate change caused by GHG emissions is a complicated issue (Sun et al., 2022; Al-Ismail et al., 2023; Goglio et al., 2020). Shuwaikh et al. (2022a) warn that any sustainable future with decreased carbon emissions must have notably aspirational target setting. 在当前背景下，为了追求全球可持续发展，全球公民有更多理由接受环境安全的做法。气候变化在很大程度上是由于人类活动释放出大量温室气体造成的（Adedoyin et al.）这一趋势正在全球范围内破坏整个生态系统。在污染如此猖獗的时代，越来越多的企业意识到生态意识投资的重要性。然而，如何解决温室气体排放导致的全球气候变化问题是一个复杂的问题（Sun 等人，2022 年；Al-Ismail 等人，2023 年；Goglio 等人，2020 年）。Shuwaikh 等人（2022a）警告说，任何减少碳排放的可持续未来都必须有显著的理想目标设定。
However, there is a large gap in VC funding for green startups due to risks related to regulatory uncertainty and volatility in the regulation (Bianchini and Croce, 2022). Therefore, as Hegeam and Sørheim (2021) illuminated, while sustainable VCs seek companies that support environmental goals, the question is how visible are they? A a new methodology named “Climate Performance Potential” (CPP) has been proposed so as to facilitate the evaluation of the environmental sustainability of venture capital firms. The CPP can provide the more informed perspective that investors desire, as it evaluates whether a startup has the potential to reduce a minimum of 100 million tons of carbon dioxide equivalent (CO2e) (Leendertse et al., 2021). 然而，由于与监管不确定性和监管波动性相关的风险，绿色初创企业的风险投资资金存在巨大缺口（Bianchini 和 Croce，2022 年）。因此，正如 Hegeam 和 Sørheim（2021 年）所指出的，虽然可持续风险投资公司寻求支持环境目标的公司，但问题是这些公司的可见度有多高？有人提出了一种名为 "气候绩效潜力"（CPP）的新方法，以促进对风险投资公司环境可持续性的评估。CPP 可以提供投资者所希望的更明智的视角，因为它可以评估一家初创公司是否有潜力至少减少 1 亿吨二氧化碳当量（CO2e）（Leendertse 等人，2021 年）。
The CPP stands for climate performance potential that pertains to the ability of a start-up to assess the GHG emissions. The assessment alleviates the information gap, for example, helps start-ups to reveal their attractiveness but also supports VCs in making better decisions (Trautwein, 2021). In the end, companies must reduce their GHG emissions to tackle and redress the danger of climate change. It is equally important these organizations also understand the impact these emissions have on a business-as-usual basis. A major challenge is still in identifying businesses and entrepreneurs consistent with the sustainability goals of VC (LinLin, 2022). CPP 是气候绩效潜力的缩写，与初创企业评估温室气体排放的能力有关。例如，这种评估可以缓解信息差距，帮助初创企业显示其吸引力，同时也有助于风险投资公司做出更好的决策（Trautwein，2021 年）。归根结底，企业必须减少温室气体排放，以应对和解决气候变化的危险。同样重要的是，这些组织也要了解这些排放物在 "一切照旧 "的基础上所产生的影响。目前的一大挑战仍然是如何找到符合风险投资可持续发展目标的企业和企业家（LinLin，2022 年）。
Hypothesis 3. IVC-backed companies exhibit higher environmental performance (GHG) emissions in comparison to CVC-backed companies. 假设 3：与 CVC 支持的公司相比，IVC 支持的公司表现出更高的环境绩效（温室气体）排放。
3. Data and methodology 3.数据和方法
3.1. Data and variables 3.1.数据和变量
The sample selected for our work includes companies located in the USA, this choice reflecting the country position as the most dynamic VC market and its impact as a benchmark of success. In recent years, VC investment in the USA has grown significantly, reaching unprecedented levels. VC-backed companies account for 41%41 \% of total US market capitalization and 62%62 \% of US public companies’ R&D spending (Gornall and Strebulaev, 2021). Furthermore, the environmental dimension is becoming increasingly important within companies, through various initiatives such as the reduction of GHG emissions, the adoption of respectful technologies, and the implementation of strategies aimed at minimizing their ecological footprint. This cultural shift will continue to encourage change in corporations as society realizes the urgent need for ecological and social change. 我们选择的样本包括位于美国的公司，这一选择反映了美国作为最具活力的风险投资市场的地位及其作为成功基准的影响力。近年来，美国的风险投资大幅增长，达到了前所未有的水平。风险投资支持的公司占美国总市值的 41%41 \% ，占美国上市公司研发支出的 62%62 \% （Gornall 和 Strebulaev，2021 年）。此外，通过减少温室气体排放、采用尊重他人的技术和实施旨在最大限度减少生态足迹的战略等各种举措，环境因素在公司内部正变得越来越重要。随着社会意识到生态和社会变革的迫切需要，这种文化转变将继续鼓励企业变革。
Regarding the study sample, we select a target period of 2002-2022. The data is extracted from various platform. Firstly, information on US companies financed by IVCs or CVCs was obtained from the Thomson VentureXpert database (Shuwaikh et al., 2023b). Financial and accounting data were obtained from Standard and Poor’s Compustat database. ESG score and GHG emission data were retrieved from Datastream Refinitiv Eikon database. 关于研究样本，我们选择了 2002-2022 年为目标时间段。数据来自不同的平台。首先，我们从 Thomson VentureXpert 数据库（Shuwaikh et al.）财务和会计数据来自标准普尔 Compustat 数据库。ESG 分数和温室气体排放数据来自 Datastream Refinitiv Eikon 数据库。
A careful procedure was undertaken to consolidate multiple databases, specifically merging the Thomson VentureXpert database with the Compustat and Refinitiv Eikon databases. Initially, the Thomson VentureXpert database was integrated with the Compustat database, employing the “VLOOKUP” function through company names and tickers. Subsequently, a parallel process was executed for data obtained from Datastream Refinitiv Eikon. A meticulous manual verification process was then conducted to ensure the accuracy and alignment of the merged data. The final sample used for analysis consisted of 32 companies funded by CVC, 293 companies funded by IVC, and a total of 1311 observations. 为合并多个数据库，特别是将 Thomson VentureXpert 数据库与 Compustat 和 Refinitiv Eikon 数据库合并，我们采取了谨慎的程序。首先，利用 "VLOOKUP "功能通过公司名称和股票代码将 Thomson VentureXpert 数据库与 Compustat 数据库进行整合。随后，对从 Datastream Refinitiv Eikon 获取的数据执行了并行处理。然后进行了细致的人工验证过程，以确保合并数据的准确性和一致性。最终用于分析的样本包括由 CVC 投资的 32 家公司和由 IVC 投资的 293 家公司，共计 1311 个观察值。
3.1.1. Dependent variables 3.1.1.因变量
This study tests on the financial and environmental performance by using the dependent variables: ROE, ROA, Tobin’s Q, ESG score and GHG. ROE, as a measure of how profitable a company is compared to its equity holders. A greater ROE indicates that more profits are being generated relative to the capital employed. ROA as well serves as a profitability index, the measure of return produces on all company assets, demonstrating how efficiently the company turns assets into profits. Meanwhile, Tobin’s Q of the firm value, which is the ratio of the market value of assets to their replacement value. 本研究使用因变量对财务和环境绩效进行测试：ROE、ROA、Tobin's Q、ESG 分数和 GHG。投资回报率（ROE）是衡量一家公司相对于其权益持有人的盈利程度的指标。投资回报率越高，表明相对于所动用的资本，公司创造的利润越多。投资回报率也是一种盈利指数，是衡量公司所有资产产生的回报的指标，表明公司如何有效地将资产转化为利润。同时，公司价值的托宾 Q 值是资产市场价值与其重置价值的比率。
The environmental performance is represented by ESG score. The ESG score is a global score based on companies’ self-reported information. These scores are recorded on an annual basis and are constructed from three different sub-indices (environmental, social, governance). The emission performance is illustrating by GHG emissions. GHG emission intensity is determined by calculating the ratio of Scope 1 (direct) and Scope 2 (indirect) emissions to revenue. This metric serves as an indicator of a firm’s tangible carbon performance, where a lower intensity score signifies a superior carbon performance for the company (Busch and Hoffmann, 2011). It is considered the optimal solution for in-depth analysis of our data. In addition, for a better interpretation of emissions performance, with lower GHG emissions corresponding to higher values for environmental performance, the input variables are multiplied by (-1), in line with (Busch and Hoffmann, 2011). 环境绩效由 ESG 分数表示。ESG 分数是基于公司自我报告信息的全球分数。这些分数每年记录一次，由三个不同的子指数（环境、社会和治理）构成。排放绩效通过温室气体排放量来说明。温室气体排放强度通过计算范围 1（直接）和范围 2（间接）排放量与收入的比率来确定。该指标可作为公司有形碳绩效的指标，强度得分越低，表明公司的碳绩效越好（Busch 和 Hoffmann，2011 年）。它被认为是对我们的数据进行深入分析的最佳解决方案。此外，为了更好地解释排放绩效（温室气体排放量越低，环境绩效值越高），输入变量乘以（-1），与（Busch 和 Hoffmann，2011 年）一致。
3.1.2. Independent variable 3.1.2.自变量
In our work, we have 2 subsets of companies, i.e. distinguishing between companies that received IVC financing or CVC financing, 在我们的工作中，我们有两个公司子集，即区分获得 IVC 融资或 CVC 融资的公司、
respectively. This classification is achieved by introducing a binary variable, called “investor_type”, which distinguishes between the two types of financing, this will represent the one and only independent variable. This independent variable assigns a value of 1 to companies receiving IVC financing and 0 to those receiving CVC financing. The utilization of a binary variable is pivotal in modeling and comprehending the associations among various financing types. 投资者类型这种分类是通过引入一个名为 "投资者类型 "的二进制变量来实现的，该变量用于区分两种类型的融资，是唯一的自变量。这个自变量的值为 1，代表接受 IVC 融资的公司，0 代表接受 CVC 融资的公司。二进制变量的使用对于模拟和理解各种融资类型之间的关联至关重要。
3.1.3. Control variables 3.1.3.控制变量
The control variables are retrieved from financial statements in Compustat platform. Financial leverage, represented by the “lev” variable, measures the degree to which a company uses debt to finance its operations and assets. It is calculated as total debt by total equity and reflects the proportion of a company’s financial structure financed by debt. The “size” variable is measured using the natural logarithm of total assets. By controlling for size, researchers seek to discern whether the observed effects are attributable to factors beyond the scale of the company. Capital intensity, indicated by the “cap_intensity” variable, evaluates the level of capital investment required to generate income. It assesses the efficiency with which capital is used in the production process. The innovation capacity, represented by the “innov_cap” variable, quantifies a company’s commitment to innovation and its ability to participate in R&D activities. This variable is calculated as the ratio of Research and Development Expense to total assets. The aim of this measure is to control the capacity to innovate on different performances. 控制变量取自 Compustat 平台的财务报表。财务杠杆（用 "lev "变量表示）衡量公司利用债务为其运营和资产融资的程度。它的计算方法是债务总额除以权益总额，反映了公司财务结构中债务融资的比例。规模 "变量用总资产的自然对数来衡量。通过控制规模，研究人员试图辨别观察到的影响是否可归因于公司规模以外的因素。资本密集度由 "cap_intensity "变量表示，用于评估产生收入所需的资本投资水平。它评估了资本在生产过程中的使用效率。创新能力由 "innov_cap "变量表示，量化公司对创新的承诺及其参与研发活动的能力。该变量的计算方法是研发费用与总资产的比率。该指标的目的是控制不同业绩的创新能力。
The “ageoffinancing” variable represents the age at which the company was first financed. The inclusion of this variable is intended to explore the implications of the temporality associated with obtaining financing; this measure is reported in months. The “invest_date” control variable focuses on the date of the first investment in the company, providing a precise timeline of when investors first injected funds. The “fund_stage” control variable represents the stage in the financing cycle that a company has reached when raising funds. This variable is decomposed into four distinct categories: Seed Stage, Early Stage, Later Stage and Balanced Stage. The inclusion of the “fund_stage” variable in our analysis enables us to explore the implications of the financing phase on aspects of financial, environmental and emissions performance. The “public_status” control variable provides information on the public or private status of companies. 融资年龄 "变量表示公司首次获得融资的年龄。加入该变量的目的是为了探讨与获得融资相关的时间性的影响；该指标以月为单位。投资日期 "控制变量侧重于公司首次获得投资的日期，为投资者首次注入资金提供了精确的时间线。fund_stage "控制变量表示公司在融资时所处的融资周期阶段。该变量被分解为四个不同的类别：种子阶段、早期阶段、后期阶段和平衡阶段。在我们的分析中加入 "fund_stage "变量，使我们能够探索融资阶段对财务、环境和排放绩效方面的影响。public_status "控制变量提供了公司的公共或私营地位信息。
3.2. Empirical modeling 3.2.经验模型
Concerning the detail of the terms of the equation models, it represents the individual company _(i){ }_{i} at time _(t){ }_{t}. On the other hand, the term alpha_(i)\alpha_{i} represents unsystematic or unobserved variations, which are specific to each individual or unit in the sample, while the term uit captures residual errors or disturbances that are not explained by the independent variables or random effects. It captures idiosyncratic variations specific to each observation or unmodeled changes over time. 关于方程模型项的细节，它代表时间 _(t){ }_{t} 时的单个公司 _(i){ }_{i} 。另一方面， alpha_(i)\alpha_{i} 项代表非系统或非观测变量，是样本中每个个体或单位的特有变量，而 uit 项则捕捉自变量或随机效应无法解释的残余误差或干扰。它捕捉了每个观测值特有的特异性变化或未建模的随时间变化。
Firstly, to test the impact of investor type on the financial performance, three distinct equations are applied: 首先，为了检验投资者类型对财务业绩的影响，应用了三个不同的方程：
Fig. 1. Research Model. Representation of the research question. This one includes all dependent, independent and control variables. Hypothesis H1: Companies receiving IVC financing have a better financial performance compared to companies relying on CVC. H2: IVC-backed companies have better ESG performance than CVC-backed companies. H3: IVC-backed companies have better GHG emissions than IVC-backed companies. 图 1.研究模型。研究问题的表述。其中包括所有因变量、自变量和控制变量。假设 H1：与依赖 CVC 的公司相比，接受 IVC 融资的公司具有更好的财务业绩。H2：与 CVC 支持的公司相比，IVC 支持的公司具有更好的 ESG 表现。H3：与 IVC 支持的公司相比，IVC 支持的公司具有更好的温室气体排放量。
Secondly, to evaluate the impact of investor type on environmental performance represented by the ESG score, the resulting regression equation is specified as follows: 其次，为了评估投资者类型对 ESG 分数所代表的环境绩效的影响，将由此得出的回归方程具体化如下：
{:[ESGit=alpha i+beta0+beta1(" investors_type ")+beta2(" lev ")+beta3(" size ")+beta4(" cap_intensity ")+beta5(" innov_cap ")+beta6(" ageatfinancing ")],[+beta7(" invest_date ")+beta8(fund_stage)+beta9(" public_status ")+uit]:}\begin{aligned}
E S G i t= & \alpha i+\beta 0+\beta 1(\text { investors_type })+\beta 2(\text { lev })+\beta 3(\text { size })+\beta 4(\text { cap_intensity })+\beta 5(\text { innov_cap })+\beta 6(\text { ageatfinancing }) \\
& +\beta 7(\text { invest_date })+\beta 8\left(f u n d \_s t a g e\right)+\beta 9(\text { public_status })+u i \mathrm{t}
\end{aligned}
Thirdly, to examine the impact of investor type on emission performance, one distinct equation is employed: 第三，为研究投资者类型对排放绩效的影响，采用了一个不同的方程：
Fig. 1 provides an overview of the relationships between our key variables, making it easier to understand the underlying dynamics and reinforcing the clarity of our hypotheses and the coherence of our argument. 图 1 提供了关键变量之间的关系概览，使我们更容易理解潜在的动态变化，并加强了我们假设的清晰度和论证的连贯性。
4. Empirical results and discussion 4.实证结果和讨论
4.1. Descriptive statistics and correlation matrix 4.1.描述性统计和相关矩阵
Table 1 shows the summary statistics for all dependent, independent, and control variables used in the different models. The statistical data for the variable assessing emissions performance, namely GHG, is presented before inversion. As a result, the values indicate higher GHG emissions and lower environmental performance. The analysis shows a varied set of financial and non-financial indicators, representing the underlying dynamics of the entities studied, the sample includes 325 companies. 表 1 显示了不同模型中使用的所有因变量、自变量和控制变量的汇总统计数据。评估排放绩效的变量（即温室气体）的统计数据是在反演之前列出的。因此，这些数值表明温室气体排放量较高，环境绩效较低。分析显示了一系列不同的财务和非财务指标，代表了所研究实体的基本动态，样本包括 325 家公司。
The sample show a mean (median) Return on Assets (ROA) of -0.331(-0.23-0.331(-0.23 ), indicating that firms are underperforming in terms of generating profits in proportion to their total assets. By measuring other indicators, specifically Return on Equity (ROE) and Tobin’s Q, are recorded at -0.236(-0.076)-0.236(-0.076) and 4.172(3.066)4.172(3.066) respectively, indicating different financial and market valuation levels. The high kurtosis value of 819.806 for ROA implies more pronounced extreme values compared to a normal distribution, a high kurtosis can be interpreted as a greater concentration of observations around the mean, but has very thick tails, indicating a significant presence of extreme values. Concerning the measure of the environmental performance, the mean (median) is 30.673 (28.62) respectively, offering insights into the green activities of the sampled companies. The dispersion of ESG scores is reflected by a standard deviation of 12.402, illustrating a certain variability in ESG performance within the sample. As for the distribution of scores, the positivity of skewness (1.147) indicates a slight asymmetry towards above-average ESG performance. However, kurtosis (5.123) suggests that the distribution is relatively moderate in terms of extremes, meaning that, while some scores may be high, there is no excessive concentration around extreme values. 样本显示的平均（中位数）资产回报率（ROA）为 -0.331(-0.23-0.331(-0.23 ），表明企业在创造利润与其总资产的比例方面表现不佳。通过测量其他指标，特别是净资产收益率（ROE）和托宾 Q 值分别为 -0.236(-0.076)-0.236(-0.076) 和 4.172(3.066)4.172(3.066) ，表明不同的财务和市场估值水平。与正态分布相比，投资回报率的峰度值高达 819.806，这意味着极端值更加明显，峰度值高可以解释为平均值附近的观测值更加集中，但尾部很粗，表明极端值明显存在。在衡量环境绩效方面，平均值（中位数）分别为 30.673（28.62），这有助于深入了解样本公司的绿色活动。环境、社会和公司治理得分的标准差为 12.402，表明样本公司的环境、社会和公司治理表现存在一定的差异。至于得分的分布，偏度（1.147）的正向性表明，ESG 表现略微高于平均水平。然而，峰度（5.123）表明，就极端值而言，分布相对适中，这意味着虽然有些分数可能较高，但极端值周围并没有过度集中。
Prior to inversing the emissions performance measures, including GHG emissions intensity, the average (median) is 226.101 (14.163). The last value is distinguished by a significant probability of extreme results, illustrated by a high kurtosis of 911.334 and a 在对包括温室气体排放强度在内的排放绩效指标进行反演之前，平均值（中位数）为 226.101（14.163）。最后一个值的特点是极端结果的概率很大，峰度高达 911.334，而平均值（中位数）为 226.101（14.163）。
positively high skewness of 29.168, underlining the exceptional and potentially risky nature of the data distribution. This skewness implies a considerable heavier tail risk in the distribution of GHG emissions intensity. This suggests the presence of outliers, perhaps represented by companies with exceptionally high GHG emissions. Additionally, the financial leverage provides an average (median) value of 0.681 ( 0.12 ), indicating a moderate level of financial leverage, the kurtosis is 645.255 suggesting an asymmetric distribution with the potential for extreme positive outcomes. Other variables like size, capital intensity and innovation capacity correspond to 5.992 (5.829), 0.023 ( 0.12 ) and 0.249 ( 0.185 ) respectively. Notably, for the innovation capacity, a remarkably high kurtosis of 457.464 and a positive skewness of 17.605 can be observed. We also note that the average (median) values of the variables age at financing, invest date, fund stage and public status associated to 22.795 (15), 1,8356.861 (18224.5), 1.654 (2) and 8.188 (8) respectively. Most companies in the sample exhibit an investor type of 1 (IVC), as indicated by the median value. 正偏度高达 29.168，强调了数据分布的特殊性和潜在风险。这种偏度意味着温室气体排放强度分布的尾部风险相当大。这表明存在异常值，可能是温室气体排放量特别高的公司。此外，财务杠杆的平均值（中位数）为 0.681（0.12），表明财务杠杆水平适中，峰度为 645.255，表明分布不对称，有可能出现极端积极的结果。其他变量如规模、资本密集度和创新能力分别为 5.992（5.829）、0.023（0.12）和 0.249（0.185）。值得注意的是，创新能力的峰度高达 457.464，偏度为 17.605。我们还注意到，融资年龄、投资日期、基金阶段和上市状况等变量的平均值（中位数）分别为 22.795 (15)、1,8356.861 (18224.5)、1.654 (2) 和 8.188 (8)。样本中大多数公司的投资者类型为 1（IVC），如中位值所示。
This detailed statistical summary provides a robust foundation for understanding the financial, environmental, and emissionsrelated dynamics within the research sample. 这一详细的统计摘要为了解研究样本中与财务、环境和排放相关的动态提供了坚实的基础。
Table 2, correlation matrix, demonstrates that “ROE” has a highly significant positive correlation with “ROA”, “Tobin’s Q” and “ESG” of 0.318,0.1880.318,0.188 and 0.089 respectively, along with “size”. Conversely, “ROE” has a negative significant correlation the variables “cap_intensity”, “innov_cap” and “invest_date”. We can observe that the variable “public_status” has a positive correlation with “ROE” at a significance level of 5%5 \%. The second financial performance, “ROA” has a highly significant positive correlation with “ESG” of 0.121 and “size”. However, “ROA” is negatively linked to “Tobin’s Q” at the 1%1 \% significance level with values of -0.156 , as well as “innov_cap”. The third financial performance, “Tobin’s Q” has a highly significant positive correlation with “size” and “innov_cap”, 0.109 and 0.108 respectively. Moreover, the variable “Tobin’s Q” has a negative correlation with “lev” and “invest_date” of -0.055 and -0.064 , respectively, at a significance level of 5%5 \% but also a positive relation with “ageatfinancing”. We note a positive relation with the variable “public_status” at 10%10 \%. 表 2 的相关矩阵表明，"ROE "与 "ROA"、"Tobin's Q "和 "ESG "以及 "规模 "分别具有高度显著的正相关性 0.318,0.1880.318,0.188 和 0.089。相反，"ROE "与变量 "cap_intensity"、"innov_cap "和 "invest_date "呈显著负相关。我们可以发现，变量 "public_status "与 "ROE "呈正相关，显著性水平为 5%5 \% 。第二项财务绩效 "投资回报率 "与 "ESG "和 "规模 "呈高度显著的正相关，相关性为 0.121。然而，在 1%1 \% 显著性水平下，"投资回报率 "与 "托宾 Q 值 "以及 "创新资本 "呈负相关，相关值为-0.156。第三项财务绩效 "托宾 Q 值 "与 "规模 "和 "创新资本 "呈高度显著的正相关，分别为 0.109 和 0.108。此外，变量 "托宾 Q 值 "与 "lev "和 "invest_date "呈负相关，分别为-0.055 和-0.064，显著性水平为 5%5 \% ，但与 "ageatfinancing "呈正相关。我们注意到，在 10%10 \% 的显著性水平上，与变量 "public_status "呈正相关。
Concerning the environmental performance variable, “ESG” has a significant negative relationship to “innov_cap” and “invest_date” of -0.144 and -0.110 , respectively. The variable “ESG” has a highly significant positive correlation with “size” and “cap_intensity”. On the other hand, concerning the emissions performance variables, “GHG” has a highly significant positive correlation with “investor_type” of 0.110 , that means investors have preference for companies with low emissions revenue performance. The variables have also a positive relation of 0.061 with “size” at the 5%5 \% significance level. And a negative relationship with “fund_stage” at 10%10 \%. The variable “investor_type” is positively linked to “cap_intensity” at the 5%5 \% significance level with value of -0.064 . And the variable has a significant negative correlation with “ageatfinancing” and “invest_date”. 关于环境绩效变量，"ESG "与 "innov_cap "和 "invest_date "呈显著负相关，分别为-0.144 和-0.110。环境、社会和公司治理 "变量与 "规模 "和 "上限强度 "有非常显著的正相关关系。另一方面，在排放绩效变量方面，"温室气体 "与 "投资者类型 "存在高度显著的正相关，相关系数为 0.110，这意味着投资者偏好低排放收入绩效的公司。在 5%5 \% 显著性水平上，该变量与 "规模 "也有 0.061 的正相关关系。在 10%10 \% 显著性水平下，与 "基金阶段 "呈负相关。在 5%5 \% 显著性水平下，变量 "投资者类型 "与 "资本密集度 "呈正相关，相关值为-0.064。该变量与 "融资年龄 "和 "投资日期 "呈显著负相关。
About control variables, “lev” exhibits no statistically significant correlations. “size” reveals a high significant positive correlation of 0.197 with “cap_intensity” and a high negative correlation with “innov_cap”, “invest_date” and “public_status”. The variable “cap_intensity” has a high positive relationship with “ageatfinancing” of 0.133 , also has a negative correlation with “innov_cap” and “invest_date” of -0.061 and -0.064 , repectively, at the 5%5 \% significance level. The control variable “innov_cap” has a negative correlation with “ageatfinancing” and a positive with “invest_date” at the 10%10 \% significance level. The variable “ageatfinancing” has significant correlation with “invest_date”, but a negative correlation with “fund_stage” and “public_status”. Finally, the variable “invest_date” has a high negative significant correlation with “public_status” 关于控制变量，"lev "在统计上没有显著相关性。"规模 "与 "资本密集度 "呈 0.197 的高度正相关，与 "创新资本"、"投资日期 "和 "公共地位 "呈高度负相关。在 5%5 \% 显著性水平下，变量 "cap_intensity "与 "ageatfinancing "的正相关性为 0.133，与 "innov_cap "和 "invest_date "的负相关性分别为-0.061 和-0.064。在 10%10 \% 显著性水平上，控制变量 "innov_cap "与 "ageatfinancing "呈负相关，与 "invest_date "呈正相关。变量 "ageatfinancing "与 "invest_date "显著相关，但与 "fund_stage "和 "public_status "负相关。最后，变量 "invest_date "与 "public_status "呈高度负相关。
4.2. Relationship between VC funding and financial performance 4.2.风险投资资金与财务业绩之间的关系
Table 3 presents the impact of VC funding types (IVC vs CVC) on financial performance, ROE, and ROA as well Tobin’s Q. Standard errors (in parentheses) were estimated with random effects to control for unobserved heterogeneity across firms. The study results reveal that when compared to CVC backed companies, IVC-backed firms have a 22%22 \% superior ROE, 37%37 \% higher average in their ROA, and they also boasted of an average Tobin’s Q with about 48%48 \%. highlighting the superior financial outcomes and market value achieved by IVC. This positive association indicates that, on average, companies with IVC backing perform better in terms of financial performance. 表 3 显示了风险投资类型（IVC 与 CVC）对财务业绩、投资回报率和投资收益率以及托宾 Q 值的影响。标准误差（括号内）是用随机效应估算的，以控制各公司之间未观察到的异质性。研究结果显示，与 CVC 支持的公司相比，IVC 支持的公司的 ROE 22%22 \% 更优，ROA 平均值 37%37 \% 更高，托宾 Q 平均值约为 48%48 \% 。这种正相关关系表明，平均而言，有 IVC 支持的公司在财务业绩方面表现更佳。
Further noteworthy relationships may be observed considering the control variables. There is a negative correlation between the “Tobin’s Q” variable and leverage of -0.125 at 5%5 \% significance level, showing that high leverage and therefore high financial risk imply lower financial performance on average for the IVC sample. The “size” variable has a strong correlation with financial performance, positive for “ROE” and “Tobin’s Q” and negative for “ROA”, which translates into larger companies in terms of revenue appearing to have lower ROA, but higher ROE and Tobin’s Q. Concerning “cap_intensity”, we observe that more capital-intensive companies benefit from better short-term financial performance, as measured by ROA and ROE. The “innov_cap” variable affirms the same thing as the previous one, and also shows a positive “Tobin’s Q” as a measure of short- and long-term financial performance. The variable “ageatfinancing” has a strong positive correlation with "Tobin’s QQ ", the positive correlation may suggest that companies financed at a later age tend to have a better “Tobin’s Q”. The “fund_stage” variable has no impact on financial performance. And finally, the “public_status” variable has a positive result with “ROE” and positive and significant for “ROA”. 考虑到控制变量，还可以观察到更多值得注意的关系。在 5%5 \% 显著性水平上，"托宾 Q 值 "变量与杠杆率之间存在负相关关系（-0.125），这表明高杠杆率以及高财务风险意味着 IVC 样本的平均财务绩效较低。规模 "变量与财务绩效有很强的相关性，"投资回报率 "和 "托宾 Q 值 "为正，"投资回报率 "为负，这意味着收入规模较大的公司的投资回报率较低，但投资回报率和托宾 Q 值较高。innov_cap "变量与前一个变量的结论相同，也显示了正的 "托宾 Q"，作为衡量短期和长期财务业绩的指标。融资年龄 "变量与 "托宾 Q QQ "具有很强的正相关性，这种正相关性可能表明，融资年龄较晚的公司往往具有更好的 "托宾 Q"。基金阶段 "变量对财务业绩没有影响。最后，"public_status "变量与 "ROE "呈正相关，与 "ROA "呈显著正相关。
4.3. Relationship between VC funding and environmental performance 4.3.风险投资资金与环境绩效之间的关系
The Table 4 indicates the estimation result of the equation (4) and (5) through investor types and different control variables. The coefficient for investor type ( 0.460 ) suggests a positive association, indicating that companies benefiting from IVC financing have higher ESG scores than those dependent on CVC financing. The results explain that an IVC-backed company is likely to relate in higher GHG. The negative coefficient attributed to leverage, at -0.143 , indicates that higher levels of debt are correlated with lower financial performance, reinforcing the idea of increased financial risk. The variable “size” has a highly significant positive coefficient of 0.612 , 表 4 显示了通过投资者类型和不同控制变量对方程（4）和（5）的估计结果。投资者类型的系数（0.460）呈正相关，表明受益于 IVC 融资的公司比依赖于 CVC 融资的公司具有更高的 ESG 分数。结果表明，IVC 支持的公司可能与较高的温室气体有关。杠杆率的负系数为-0.143，表明债务水平越高，财务业绩越低，从而强化了财务风险增加的观点。变量 "规模 "的正系数为 0.612，非常显著、
Table 2 表 2
Correlation Matrix. 相关矩阵。
范
{:[" O "],[" 解 "]:}\begin{aligned} & \text { O } \\ & \text { 解 } \end{aligned}
*** p < 0.01\mathrm{p}<0.01, ** p < 0.05,**p < 0.1\mathrm{p}<0.05, * \mathrm{p}<0.1
The correlations for the variable measuring emissions performance, “GHG”, is shown after inversion. 反演后显示的是衡量排放性能的变量 "温室气体 "的相关性。
Table 3 表 3
VC Funding and Financial Performance. 风险投资与财务业绩。
This table presents the impact of venture capital funding types (IVC vs CVC) on ESG and GHG emissions. Significance levels are denoted by ***, **, and ******* * *, representing statistical significance at the 10%,5%10 \%, 5 \%, and 1%1 \% thresholds, respectively. 本表介绍了风险投资资金类型（IVC 与 CVC）对环境、社会和生态影响以及温室气体排放的影响。显著性水平用 *** 、** 和 ******* * * 表示，分别代表 10%,5%10 \%, 5 \% 和 1%1 \% 临界值的统计显著性。
this implies that larger companies may present stronger levels of ESG, due to the capacity and resources required to implement ESG initiatives and practices on a larger scale. 这意味着，由于在更大范围内实施环境、社会和公司治理举措和实践所需的能力和资源，规模较大的公司的环境、社会和公司治理水平可能更高。
The «innov_cap" has a positive coefficient at 0.311 . This result can be interpreted as, companies oriented towards sustainability and good ESG practices are likely to invest more in research and development, thus fostering a greater capacity for innovation, potentially suggesting a more thorough integration of sustainable practices by innovative companies. The “ageatfinancing” has a significant positive coefficient of 0.315 at 5%5 \% of significance level. This indicates that there is a relationship between the age at which a company is first financed and its ESG score. Furthermore, the positive correlation may suggest that companies financed at a later age tend to have higher ESG scores. innov_cap" 的正系数为 0.311。这一结果可以解释为，以可持续发展和良好的环境、社会和公司治理实践为导向的公司可能会在研发方面投入更多，从而培养更强的创新能力，这可能表明创新型公司会更彻底地融入可持续发展实践。在 5%5 \% 的显著性水平上，"融资年龄 "的正系数为 0.315。这表明，公司首次获得融资的年龄与其 ESG 分数之间存在关系。此外，这种正相关关系可能表明，融资年龄较晚的公司往往具有较高的 ESG 分数。
The “fund_stage” show a negative coefficient of -0.704 . The correlation is negative, indicating an inverse relationship between company financing stage and ESG score. This means that companies in the early stages of financing (Seed Stage and Early Stage) tend to 基金阶段 "的系数为负，为-0.704。相关性为负，表明公司融资阶段与 ESG 分数之间存在反向关系。这意味着处于早期融资阶段（种子期和早期阶段）的公司倾向于
have higher ESG scores than companies in more advanced stages (Later Stage and Balanced Stage). The “public_status” has a high positive correlation with a value of 0.312 , suggesting a robust relationship between these two variables. This means that companies with public status tend to have higher ESG scores than private companies. In general terms, companies receiving funding from IVC investors exhibit superior ESG scores in comparison to those supported by CVC investors. 比处于更高级阶段（后期阶段和平衡阶段）的公司ESG得分更高。公共地位"（public_status）的正相关性高达 0.312，表明这两个变量之间存在稳健的关系。这意味着，与私营公司相比，具有公共地位的公司往往具有更高的 ESG 分数。一般来说，与获得 CVC 投资者支持的公司相比，获得 IVC 投资者资助的公司的 ESG 分数更高。
In other words, IVC-backed companies tend to have on average 39.7%39.7 \% higher GHG revenues compared to CVC backed companies (a beta coefficient of 0.397). This positive, important relationship suggests that companies backed by IVC have more opportunities to generate revenue from GHG reduction initiatives on average and this could be related with the financing backing from their investors. Moreover, we note that the coefficient is significant at 1%1 \% of significance level. As for the other variables, the coefficient of leverage (5.496) is not statistically significant. Consequently, there is no strong evidence that leverage significantly affects greenhouse gas emissions intensity in this model. The coefficient of the variable “size” is positive at 0.432 and is statistically significant at 10%10 \%. This means that, in this model, firm size has a little significant impact on greenhouse gas emissions intensity. This result remains fairly low. The positive coefficient “cap_intensity” of 0.326 is not statistically significant. Consequently, capital intensity does not appear to be a significant factor in explaining variations in greenhouse gas emissions intensity in this model. The variable “innov_cap” has a positive coefficient of 0.224 , suggesting a positive association between innovation capacity and greenhouse gas emissions intensity. However, the lack of significance indicates that caution should be exercised before drawing strong conclusions. 换句话说，与 CVC 支持的公司相比，IVC 支持的公司的温室气体收入平均 39.7%39.7 \% 更高（贝塔系数为 0.397）。这一重要的正相关关系表明，IVC 支持的公司平均而言有更多机会从温室气体减排措施中获得收入，这可能与其投资者的融资支持有关。此外，我们注意到该系数在 1%1 \% 的显著性水平上是显著的。至于其他变量，杠杆系数（5.496）在统计上并不显著。因此，在该模型中，没有强有力的证据表明杠杆率会显著影响温室气体排放强度。变量 "规模 "的系数为正 0.432，并且在 10%10 \% 下具有统计意义。这意味着，在该模型中，企业规模对温室气体排放强度的影响不大。这一结果仍然相当低。正系数 "cap_intensity "为 0.326，在统计上并不显著。因此，在该模型中，资本强度似乎不是解释温室气体排放强度变化的重要因素。变量 "innov_cap "的正系数为 0.224，表明创新能力与温室气体排放强度之间存在正相关。然而，由于缺乏显著性，在得出强有力的结论之前应谨慎行事。
The variable “ageatfinancing” has a coefficient of 0.284 , the significance of the correlation suggests that there is sufficient statistical evidence to assert that age at financing has a significant relationship with the “GHG” variable. The “public_status” has a positive correlation of 0.512 , and seems to be a significant factor in explaining variations in greenhouse gas emissions. The negative coefficient (fund_stage) of -0.381 is statistically significant at a level of 10 . This suggests that, at more advanced stages of financing, companies may have lower greenhouse gas emissions relative to revenue. In our analysis, we have adopted one distinct measure to assess emissions performance “GHG”. It is essential to note that emissions intensity (GHG) offers a more robust and significant perspective. Furthermore, the use of the ratio of greenhouse gas emissions to revenue is common practice in the academic literature, as demonstrated by researchers such as (Busch and Hoffmann, 2011). 融资年龄 "变量的系数为 0.284，相关性的显著性表明，有足够的统计证据断言融资年龄与 "温室气体 "变量有显著关系。公共地位 "的正相关系数为 0.512，似乎是解释温室气体排放量变化的一个重要因素。负系数（fund_stage）为-0.381，在 10 的水平上具有统计意义。这表明，在较晚的融资阶段，公司的温室气体排放量可能低于收入。在我们的分析中，我们采用了 "温室气体 "这一独特指标来评估排放绩效。必须指出的是，排放强度（温室气体）提供了一个更可靠、更重要的视角。此外，使用温室气体排放量与收入的比率是学术文献中的常见做法，如 Busch 和 Hoffmann 等研究人员（2011 年）所证明。
IVCs are focused on financial gains and invest in startups that have a high probability of growth and innovation. Part of their growth strategy may involve an increased focus on assisting companies that are leading in sustainable technologies and practices. And this new alignment-for better or worse-will land on the side of best-practice sustainability and align with cutting edge ideals, potentially earning higher ESG ratings / lower GHG emissions. Earlier, CVC was more prevalent in a firm wanting access to new technologies or market opportunities without having it through its R&D powerhouse. Although aspects of sustainability have started to become a part of the mandate for some CVCs, core areas tend to represent key strategic directions or new business opportunities that may deviate towards enhancing four pillars. Because of this strategic focus, GHG emissions are higher and ESG ratings lower than for IVCs. Indeed, IVCs can do more than simply provide financial assistance; they often have the necessary know-how and resources to help startups integrate sustainable practices. The support can also provide ways to manage their environmental impact and sustainability initiatives, leading to improved ESG performance (and ultimately lower GHG emissions). CVCs could have a range of sustainability expertise and 国际风险投资公司注重经济收益，投资于极有可能实现增长和创新的初创企业。它们的部分发展战略可能会更加注重帮助那些在可持续发展技术和实践方面处于领先地位的公司。无论好坏，这种新的调整都将站在可持续发展最佳实践的一边，并与最前沿的理念保持一致，从而有可能赢得更高的环境、社会和公司治理评级/降低温室气体排放。早先，CVC 更多地是指企业希望获得新技术或市场机会，而不需要通过研发力量。虽然可持续发展的各个方面已开始成为一些 CVC 的任务之一，但核心领域往往代表着关键的战略方向或新的商业机会，可能会偏离加强四大支柱的方向。由于这种战略重点，温室气体排放量较高，环境、社会和公司治理评级较低。事实上，国际志愿服务机构所能做的不仅仅是提供资金援助，它们往往还拥有必要的技术诀窍和资源，可以帮助初创企业整合可持续发展实践。这种支持还能提供管理其环境影响和可持续发展举措的方法，从而提高环境、社会和治理绩效（并最终降低温室气体排放）。CVC 可以拥有一系列可持续发展方面的专业知识和资源。
Table 5 表 5
Total funding, VC Funding, Financial and Environmental Performance. 资金总额、风险投资资金、财务和环境绩效。
This table explores the impact of venture capital funding types (IVC vs CVC) with total funding. Significance levels are denoted by *, **, and ***, representing statistical significance at the 10%,5%10 \%, 5 \%, and 1%1 \% thresholds, respectively. 本表探讨了风险资本融资类型（IVC 与 CVC）对融资总额的影响。显著性水平用*、**和***表示，分别代表在 10%,5%10 \%, 5 \% 和 1%1 \% 临界值下的统计显著性。
their funding thrust more to absorb the startups into with large-focus they may already be running as opposed to an independent drive in making initiatives sustainable. This can result in variances of sustainability prioritization and governance. 与独立推动可持续发展的举措相比，他们的资金推动力更多的是将初创企业吸收到他们可能已经在运作的大型重点项目中。这可能导致可持续发展的优先次序和管理出现差异。
4.4. Additional analysis 4.4.补充分析
This analysis aims to enrich our work by introducing a new variable to the regression model presented in Table 5. This represents a significant extension, aimed at capturing subtle nuances that could influence our results. This new variable, “total_funding”, has been carefully selected to extend the scope of our analysis. It represents the cumulative total amount of financing a company has raised up to the specified date, measured in millions of US dollars (USD Mil). This data is often used to assess a company’s ability to attract new investment. Model 1 shows that for every million increases in the total funding there is 12%12 \% increase in ROE. Model 2 shows stronger effect for the total IVC funding on ROA than the one observed in ROE. IVC-backed companies show 23%23 \% higher ROA than CVC-backed companies. Model 3 presents the Tobin’s Q metrics of the financial performance. The total funding has substantial impact on Tobin’s Q for IVC-backed companies of 42%42 \% higher financial performance than CVC-backed companies. Model 4 Shows the results related with ESG scores. The total funding positively influences a company’s ESG performance, underlining the importance of financial resources in achieving better ESG outcomes. IVC-backed companies have 34%34 \% higher ESG performance impacted by the total funding. Model 5 explain the result of GHG revenues, indicating that companies with more financial resources are better positioned to generate revenue from greenhouse gas-related activities. Total funding improves the GHG rev by 34%34 \% for IVC-backed companies. 本分析旨在通过在表 5 所示的回归模型中引入一个新变量来丰富我们的工作。这是一个重要的扩展，旨在捕捉可能影响我们结果的细微差别。我们精心选择了 "资金总额 "这一新变量，以扩大我们的分析范围。它表示一家公司截至指定日期的累计融资总额，单位为百万美元（USD Mil）。这一数据通常用于评估公司吸引新投资的能力。模型 1 表明，融资总额每增加一百万美元，投资回报率就会增加 12%12 \% 。模型 2 显示，IVC 融资总额对投资回报率的影响强于对投资回报率的影响。IVC 支持的公司的投资回报率 23%23 \% 高于 CVC 支持的公司。模型 3 显示了财务业绩的托宾 Q 指标。总融资额对托宾 Q 值有很大影响，IVC 支持的公司的财务业绩 42%42 \% 高于 CVC 支持的公司。模型 4 显示了与 ESG 分数相关的结果。资金总额对公司的 ESG 表现有积极影响，强调了财务资源在实现更好的 ESG 结果方面的重要性。受总资金影响，IVC 支持的公司的 ESG 表现 34%34 \% 更高。模型 5 解释了温室气体收入的结果，表明拥有更多财务资源的公司更有能力从温室气体相关活动中获得收入。对于 IVC 支持的公司来说，总资金提高了 34%34 \% 温室气体减排量。
The “investor_type” variable confirms the significant impact of “ESG” and “GHG” on “investor_type”, with a slightly higher coefficient for “GHG” and significance at ( p < 0.05\mathrm{p}<0.05 ) for “ESG”. This reinforces the initial conclusion of the importance of these two variables in influencing “investor_type”. The variables “lev”, “cap_intensity”, “innov_cap”, “ageatfinancing” and “fund_stage” have better coefficients and all maintain the same level of significance obtained in the original regression. We note that for the “size” variable, the results are positively and significantly related to the dependent variables. 投资者类型 "变量证实了 "环境、社会和公司治理 "和 "温室气体 "对 "投资者类型 "的显著影响，"温室气体 "的系数略高，"环境、社会和公司治理 "的显著性为（ p < 0.05\mathrm{p}<0.05 ）。这加强了最初的结论，即这两个变量对 "投资者类型 "有重要影响。lev"、"cap_intensity"、"innov_cap"、"ageatfinancing "和 "fund_stage "等变量的系数较好，且均保持了原始回归中的显著性水平。我们注意到，"规模 "变量的结果与因变量呈显著正相关。
The “public_status” variable obtains only positive results, and is correlated with the “ESG” variable. For our new variable, the results are close to zero. For every one-unit increase in “total_funding”, the “ROE”, “ROA” and “Tobin’s Q” variables decrease by a minimal amount. Moreover, for “ROE” and “Tobin’s Q” the relationship is only significant at the 0.1 level, suggesting a trend, but not a strong statistical certainty. public_status "变量只得到正结果，并且与 "ESG "变量相关。对于我们的新变量，结果接近于零。资金总额 "每增加一个单位，"ROE"、"ROA "和 "Tobin's Q "变量的下降幅度都很小。此外，"投资回报率 "和 "托宾 Q 值 "的关系仅在 0.1 的水平上显著，表明了一种趋势，但在统计上并不十分确定。
Table 6 表 6
Regression results for 2SLS (Lagged VC Funding, total funding). 2SLS 的回归结果（滞后的风险投资资金、资金总额）。
This table presents the results of the 2SLS regressions for the four different models. The independent variables are instrument variables calculated using the lagged values. The first-stage F-statistics indicate that the instruments are strong ( p=0.0000\mathrm{p}=0.0000 ). The endogeneity tests (Durbin and WuHausman) show no evidence of endogeneity. 本表展示了四个不同模型的 2SLS 回归结果。自变量是利用滞后值计算的工具变量。第一阶段 F 统计量表明，工具变量是强有力的（ p=0.0000\mathrm{p}=0.0000 ）。内生性检验（Durbin 和 WuHausman）表明没有证据表明存在内生性。
5. Robustness tests 5.稳健性测试
We test the robustness of our results and to alleviate concerns on reverse causality and endogeneity in our analysis we utilized Generalized Method of Moments (GMM) along with 2SLS. This is the approach we used to estimate our models. These models instead used lagged Investor type, and the lagged investment amounts as instrument for endogeneity variables, controlling for the same variables. Our results, presented in Tables 6 and 7 show the impact of investor funding, and investments amounts on the financial performance, ROA, ROE and Tobin’s Q as previously established by our models. The first-stage F-statistics in the 2SLS models indicated that the instruments were quite strong, and they passed all of our validity checks in both GMM and 2SLS specifications. Such results of no more endogeneity from these two tests help with consistency and efficiency property of our OLS estimate. Therefore, the positive link from investor type and the investments funding to ESG and GHG revenues and ROE, ROA and Tobin’s Q demonstrates a high degree of causality. The results from the Durbin and Wu-Hausman tests indicating no evidence of endogeneity suggest that our independent variable (type of investor and total funding) is not correlated with the error term in the regression models. This is a good outcome because it implies that the estimated relationship between the investor type and the investment amount with financial and environmental performance can be interpreted as causal, rather than spurious or biased due to omitted variable bias or reverse causality. 我们对结果的稳健性进行了检验，并在分析中使用了广义矩量法（GMM）和 2SLS 方法，以减轻对反向因果关系和内生性的担忧。这就是我们用来估计模型的方法。这些模型使用了滞后的投资者类型和滞后的投资金额作为内生变量的工具，并对相同的变量进行了控制。表 6 和表 7 所示的结果显示了投资者资金和投资额对财务业绩、投资回报率、投资收益率和托宾 Q 的影响，正如我们之前的模型所确定的那样。2SLS 模型中的第一阶段 F 统计量表明，工具相当强大，在 GMM 和 2SLS 规范中都通过了我们所有的有效性检验。这两项检验结果均表明不再存在内生性，这有助于证明我们的 OLS 估计结果具有一致性和效率性。因此，投资者类型和投资资金与 ESG 和 GHG 收入以及 ROE、ROA 和 Tobin's Q 之间的正向联系证明了高度的因果关系。杜宾检验和吴-豪斯曼检验的结果表明，没有证据表明存在内生性，这表明我们的自变量（投资者类型和资金总额）与回归模型中的误差项不相关。这是一个很好的结果，因为它意味着投资者类型和投资金额与财务和环境绩效之间的估计关系可以解释为因果关系，而不是由于遗漏变量偏差或反向因果关系造成的虚假或偏差。
6. Conclusion 6.结论
This study examines the impact of two distinct forms of VC financing, namely IVC and CVC, on the financial, environmental, and emissions performance of firms. This study provides unique insights into the dynamics by examining a comprehensive dataset of financial data, ESG scores, and GHG emissions from 293 companies supported by IVC, 32 companies sponsored by CVC, and a total of 1311 observations covering the period from 2002 to 2022. The analysis shows a nuanced association between the financial performance of companies funded by IVCs over those funded by CVCs. Companies financed by VCs sometimes have a lower ROE, which can be explained by the VCs’ focus on emphasizing growth over immediate profitability. Conversely, there is a robust and positive association between ROA and firms that have received investment from IVC, suggesting effective financial management. However, firms supported by IVC exhibit higher Tobin’s Q ratio, indicating the complex relationship between IVC funding and financial performance. 本研究探讨了两种不同形式的风险投资（即 IVC 和 CVC）对企业财务、环境和排放绩效的影响。本研究通过对 293 家获得 IVC 支持的公司和 32 家获得 CVC 赞助的公司的财务数据、ESG 分数和温室气体排放量的综合数据集，以及涵盖 2002 年至 2022 年期间的共计 1311 个观测值进行研究，从而对这些动态变化提供了独特的见解。分析表明，IVC 资助的公司与 CVC 资助的公司在财务表现上存在细微差别。风险投资公司资助的公司有时投资回报率较低，这可以解释为风险投资公司注重增长而非眼前的盈利能力。相反，投资回报率与获得国际风险投资公司投资的公司之间存在稳健的正相关关系，这表明财务管理卓有成效。然而，获得国际风险投资支持的企业表现出更高的托宾 Q 比率，这表明国际风险投资资金与财务业绩之间存在复杂的关系。
Companies supported by IVC exhibit much better environmental performance in comparison to companies funded by CVC, as indicated by their higher ESG scores. Larger organizations, those in advanced phases of financing, and those that are publicly listed tend to exhibit stronger ESG performance. The results suggest that organizations receiving support from IVC are more likely to achieve excellent performance in environmental indicators, indicating their commitment to sustainable practices. Companies backed by IVC 与 CVC 资助的公司相比，IVC 资助的公司在环境、社会和公司治理方面的得分更高，这表明它们在环境方面的表现要好得多。规模较大的企业、处于融资后期的企业以及上市公司往往在环境、社会和公司治理方面表现更佳。研究结果表明，获得 IVC 支持的企业更有可能在环境指标方面取得优异成绩，这表明它们致力于可持续发展实践。获得 IVC 支持的公司
Table 7 表 7
Regression results for GMM (Lagged VC Funding, total funding). GMM 回归结果（滞后风险投资资金，资金总额）。
This table presents the results of the GMM regressions for the four different models. The instrumental variable are calculated at the same way as 2SLS. The first-stage F-statistics indicate that the instruments are strong in all models. The endogeneity tests (Durbin and Wu-Hausman) show no evidence of endogeneity. 本表显示了四个不同模型的 GMM 回归结果。工具变量的计算方法与 2SLS 相同。第一阶段 F 统计量表明，所有模型的工具变量都很强。内生性检验（Durbin 和 Wu-Hausman）表明没有证据表明存在内生性。
exhibit lower levels of GHG emissions as compared to companies backed by CVC. GHG emissions are greatly impacted by variables such as the company’s scale, the extent of capital investment, and the level of innovation. Moreover, there is a distinct correlation between higher levels of finance and lower emissions, suggesting that IVCs effectively promote environmentally sustainable practices among the companies they invest in. 与获得 CVC 支持的公司相比，这些公司的温室气体排放量较低。公司规模、资本投资程度和创新水平等变量对温室气体排放有很大影响。此外，较高的融资水平与较低的排放量之间存在明显的相关性，这表明国际风险投资公司有效地促进了其所投资公司的环境可持续发展实践。
The significance of our findings holds considerable relevance for investors, entrepreneurs, and governments. They highlight the importance of considering the particular type of VC funding when evaluating the overall success of a company. The results can guide investment decisions by highlighting trends associated with ESG practices and GHG emissions within the framework of VC funding. 我们的研究结果对投资者、企业家和政府都具有重要意义。它们强调了在评估一家公司的整体成功时考虑特定类型风险投资的重要性。研究结果可以通过强调风险投资框架内与环境、社会和公司治理实践及温室气体排放相关的趋势，为投资决策提供指导。
This study provides useful insights on the relationship between various types of VC funding and the performance of companies. While there may be some variances in the findings related to financial, environmental, and emissions measures, a clear trend emerges that companies who receive support from IVC demonstrate superior environmental performance and reduced GHG emissions. These observations emphasize the strategic importance of various forms of VC in fostering the development of sustainable and high-achieving firms. 本研究就各类风险投资与公司业绩之间的关系提供了有益的见解。虽然与财务、环境和排放措施相关的研究结果可能存在一些差异，但一个明显的趋势是，获得国际风险投资支持的公司表现出卓越的环境绩效并减少了温室气体排放。这些观察结果强调了各种形式的风险投资在促进可持续和高绩效企业发展方面的战略重要性。
VCs can help by aligning their investment strategies with global sustainability goals. By choosing investments which have a strong green signal, VCs can play their role in solving environmental issues at the global scale and comply with new market trends & regulations. This ensures investment not only realizes financial returns inclusive-profit, but more importantly is beneficial to complement sustainability. In a marketplace littered with competitors, sustainability can help startups rise above the competition. This could balance the two, as focusing on being green can make them more appealing to investors and their customers. Startups that adapt sustainable operating principles now will comply with new environmental regulations, which are bound to become more stringent over time. 风险投资公司可以通过使其投资战略与全球可持续发展目标保持一致来提供帮助。通过选择具有强烈绿色信号的投资项目，风险投资公司可以在解决全球环境问题方面发挥作用，并顺应新的市场趋势和法规。这不仅能确保投资实现包容性利润回报，更重要的是有利于补充可持续发展。在竞争者林立的市场中，可持续发展可以帮助初创企业在竞争中脱颖而出。这可以平衡二者的关系，因为注重绿色环保可以使它们对投资者和客户更有吸引力。现在就采用可持续运营原则的初创企业将符合新的环境法规，而随着时间的推移，这些法规必将变得更加严格。
Our results tend to point in the same direction of the other studies, but whether IVC or CVC will lead to better ESG ratings and GHG emissions remains an important issue that may vary across regions because regulations can be very different. Future research should replicate and extend this in other geographical settings to test generalizability. Such changes to investment strategies and support for ESG performance can point VCs in the productive direction of improving financial performance by way of ecosystem stewardship. Sustainability needs to be an imperative as startups include this in their business model and are also able to secure funding, tailored specifically for sustainability compliance. By providing incentives for sustainable investment, establishing regulatory frameworks to encourage a change in business norms and supporting innovation in various ways (for example through technical assistance or research partnerships), policymakers can catalyze the enormous potential of private sector engagement. 我们的研究结果与其他研究的结果趋于一致，但 IVC 或 CVC 是否会带来更好的 ESG 评级和温室气体排放仍是一个重要问题，不同地区的情况可能会有所不同，因为不同地区的法规可能大相径庭。未来的研究应在其他地区进行复制和推广，以检验其普遍性。投资策略的这种变化以及对环境、社会和公司治理表现的支持，可以为风险投资公司指明通过生态系统管理改善财务表现的有效方向。随着初创企业将可持续发展纳入其商业模式，并能够获得专门为可持续发展合规性量身定制的资金，可持续发展必须成为当务之急。通过为可持续投资提供激励，建立监管框架以鼓励商业规范的改变，并以各种方式支持创新（例如通过技术援助或研究伙伴关系），政策制定者可以催化私营部门参与的巨大潜力。
Othman Alolah: Validation. Emmanuelle Dubocage: Formal analysis, Writing - original draft. Fatima Shuwaikh: Writing original draft, Visualization, Validation, Supervision, Project administration, Methodology, Investigation, Conceptualization. Agathe Tanguy: Writing - original draft, Data curation. Othman Alolah：验证。Emmanuelle Dubocage：形式分析、写作--原稿法蒂玛-舒瓦伊赫撰写原稿、可视化、验证、监督、项目管理、方法论、调查、构思。阿加特-唐吉撰写原稿、数据整理
Data Availability 数据可用性
Data will be made available on request. 数据将应要求提供。
References 参考资料
Adedoyin, Festus Fatai, Alola, Andrew Adewale, Bekun, Festus Victor, 2020. An assessment of environmental sustainability corridor: the role of economic expansion and research and development in EU Countries. Sci. Total Environ. 713 (April)), 136726. https://doi.org/10.1016/j.scitotenv.2020.136726. Adedoyin, Festus Fatai, Alola, Andrew Adewale, Bekun, Festus Victor, 2020.环境可持续性走廊评估：欧盟国家经济扩张和研发的作用》。Sci.713 (April)), 136726.https://doi.org/10.1016/j.scitotenv.2020.136726.
Adomako, S., Ning, E., Adu-Ameyaw, E., 2021. Proactive environmental strategy and firm performance at the bottom of the pyramid. Bus. Strategy Environ. 30, 422-431. https://doi.org/10.1002/bse.2629. Adomako, S., Ning, E., Adu-Ameyaw, E., 2021.积极主动的环境战略与金字塔底层的企业绩效》（Proactive environmental strategy and firm performance at the bottom of the pyramid.Bus.Strategy Environ.30, 422-431.https://doi.org/10.1002/bse.2629.
Al-Ismail, Fahad Saleh, Md Shafiul Alam, Md. Shafiullah, Md Ismail Hossain, Masiur Rahman, Syed, 2023. Impacts of renewable energy generation on greenhouse gas emissions in saudi arabia: a comprehensive review. Sustainability 15 (6), 5069. https://doi.org/10.3390/su15065069. Al-Ismail, Fahad Saleh, Md Shafiul Alam, Md.Shafiullah, Md Ismail Hossain, Masiur Rahman, Syed, 2023.沙特阿拉伯可再生能源发电对温室气体排放的影响：综合评述》。可持续性 15 (6)，5069。https://doi.org/10.3390/su15065069.
Ambec, S., Lanoie, P., 2008. Does it pay to be green? A systematic overview. Acad. Manag. Perspect. 22, 45-62. Ambec, S., Lanoie, P., 2008.绿色是否值得？系统概述。Acad.Manag.Perspect.22, 45-62.
Bassen, Alexander, and Ana Maria Kovács. 2008. “Environmental, Social and Governance Key Performance Indicators from a Capital Market Perspective.” Bassen, Alexander, and Ana Maria Kovács.2008."从资本市场角度看环境、社会和治理关键绩效指标"。
Battisti, Enrico, Nirino, Niccolò, Leonidou, Erasmia, Thrassou, Alkis, 2022. Corporate Venture Capital and CSR performance: an extended resource based view’s perspective. J. Bus. Res. 139 (February), 1058-1066. https://doi.org/10.1016/j.jbusres.2021.10.054. Battisti, Enrico, Nirino, Niccolò, Leonidou, Erasmia, Thrassou, Alkis, 2022.企业风险资本与企业社会责任绩效：基于资源观的扩展视角》。J. Bus.139 (February), 1058-1066.https://doi.org/10.1016/j.jbusres.2021.10.054.
Bendig, D., Kleine-Stegemann, L., Schulz, C., Eckardt, D., 2022. The effect of green startup investments on incumbents’ green innovation output. J. Clean. Prod. 376, 134316. https://doi.org/10.1016/j.jclepro.2022.134316. Bendig, D., Kleine-Stegemann, L., Schulz, C., Eckardt, D., 2022.绿色初创企业投资对在位企业绿色创新产出的影响。J. Clean.Prod.376, 134316.https://doi.org/10.1016/j.jclepro.2022.134316.
Benkraiem, R., Dubocage, E., Lelong, Y., Shuwaikh, F., 2023a. The effects of environmental performance and green innovation on corporate venture capital. Ecol. Econ. 210, 107860. https://doi.org/10.1016/j.ecolecon.2023.107860. Benkraiem, R., Dubocage, E., Lelong, Y., Shuwaikh, F., 2023a.环境绩效和绿色创新对企业风险资本的影响。Ecol.210, 107860.https://doi.org/10.1016/j.ecolecon.2023.107860.
Benkraiem, R., Gonçalves, D., & Shuwaikh, F. (2023b). The role of corporate venture capitalists in supporting the growth of their backed start-ups. European Business Review, ahead-of-print(ahead-of-print). https://doi.org/10.1108/EBR-09-2022-0183. Benkraiem, R., Gonçalves, D., & Shuwaikh, F. (2023b)。企业风险资本家在支持其支持的初创企业成长中的作用》。欧洲商业评论》，提前出版（pearward-of-print）。https://doi.org/10.1108/EBR-09-2022-0183.
Benkraiem, R., Shuwaikh, F., Lakhal, F., Guizani, A., 2022. Carbon performance and firm value of the World’s most sustainable companies. Econ. Model. 116, 106002. https://doi.org/10.1016/j.econmod.2022.106002. Benkraiem, R., Shuwaikh, F., Lakhal, F., Guizani, A., 2022.全球最具可持续性公司的碳绩效与公司价值》。Econ. Model.Model.116, 106002.https://doi.org/10.1016/j.econmod.2022.106002.
Bianchini, R., Croce, A., 2022. The role of environmental policies in promoting venture capital investments in cleantech companies. Rev. Corp. Financ. 2 (3), 587-616587-616. https://doi.org/10.1561/114.00000024. Bianchini, R., Croce, A., 2022.The role of environmental policies in promoting venture capital investments in cleanantech companies.Rev. Corp.Financ.2 (3), 587-616587-616 .https://doi.org/10.1561/114.00000024.
Bocken, N.M.P., Rana, P., Short, S.W., 2015. Value mapping for sustainable business thinking. J. Ind. Prod. Eng. 32 (1), 67-81. https://doi.org/10.1080/ 21681015.2014 .1000399. Bocken, N.M.P., Rana, P., Short, S.W., 2015.可持续商业思维的价值图谱。J. Ind.Prod.Eng.32 (1), 67-81.https://doi.org/10.1080/ 21681015.2014 .1000399.
Botsari, Antonia, and Frank Lang. 2020. “ESG Considerations in Venture Capital and Business Angel Investment Decisions: Evidence from Two Pan-European Surveys.” Botsari, Antonia, and Frank Lang.2020."风险投资和天使投资决策中的环境、社会和公司治理考虑因素：来自两项泛欧调查的证据"。
Busch, Timo, Hoffmann, Volker H., 2011. How Hot Is Your Bottom Line? Linking carbon and financial performance. Bus. Soc. 50 (2), 233-265. https://doi.org/10.1177//000765031139878010.1177 / 0007650311398780. Busch, Timo, Hoffmann, Volker H., 2011.你的底线有多热？将碳排放与财务业绩联系起来。Bus.50 (2), 233-265.https://doi.org/10.1177//000765031139878010.1177 / 0007650311398780 .
Caselli, S., Negri, G., 2021. Private Equity and Venture Capital in Europe: Markets, Techniques, and Deals. Academic Press. Caselli, S., Negri, G., 2021.欧洲的私募股权与风险投资：市场、技术与交易》。学术出版社。
Chemmanur, Thomas J., Loutskina, Elena, Tian, Xuan, 2014. Corporate venture capital, value creation, and innovation. Rev. Financ. Stud. 27 (8), 2434-2473. https:// doi.org/10.1093/rfs/hhu033. Chemmanur, Thomas J., Loutskina, Elena, Tian, Xuan, 2014.企业风险资本、价值创造与创新》。Rev. Financ.Stud.27 (8), 2434-2473. https:// doi.org/10.1093/rfs/hhu033.
Chen, S., Song, Y., Gao, P., 2023. Environmental, social, and governance (ESG) performance and financial outcomes: analyzing the impact of ESG on financial performance. J. Environ. Manag. 345, 118829. https://doi.org/10.1016/j.jenvman.2023.118829. Chen, S., Song, Y., Gao, P., 2023.环境、社会和治理（ESG）绩效与财务结果：分析 ESG 对财务绩效的影响》。J. Environ.Manag.345, 118829.https://doi.org/10.1016/j.jenvman.2023.118829.
Cheng, Beiting, Ioannou, Ioannis, Serafeim, George, 2014. Corporate social responsibility and access to finance. Strateg. Manag. J. 35 (1), 1-23. https://doi.org/10.1002//10.1002 / smj. 2131. Cheng, Beiting, Ioannou, Ioannis, Serafeim, George, 2014.企业社会责任与融资渠道。Strateg.J. 35 (1), 1-23.J. 35 (1), 1-23.https://doi.org/10.1002//10.1002 / smj.2131.
Chouaibi, Salim, Chouaibi, Jamel, Rossi, Matteo, 2022. ESG and corporate financial performance: the mediating role of green innovation: UK Common Law versus Germany Civil Law. Eur. J. Bus. 17 (1), 46-71. https://doi.org/10.1108/EMJB-09-2020-0101. Chouaibi, Salim, Chouaibi, Jamel, Rossi, Matteo, 2022.环境、社会和公司财务绩效：绿色创新的中介作用》：英国普通法与德国民法》。Eur.J. Bus.17 (1), 46-71.https://doi.org/10.1108/EMJB-09-2020-0101.
Colombo, Massimo G., and Samuele Murtinu. 2017. “Venture Capital Investments in Europe and Portfolio Firms’ Economic Performance: Independent versus Corporate Investors.” Colombo, Massimo G., and Samuele Murtinu.2017."欧洲风险资本投资与被投资企业的经济表现：独立投资者与公司投资者》。
Diekel, Felice, Vanessa Bach, 2023. Assessing the climate performance potential of start-ups: insights and guidance on environmental sustainability assessment of young ventures. Chair of Sustainable Engineering, Institute of Environmental Technology, Technische Universität Berlin, 10623 Berlin, Germany, Matthias Finkbeiner, and Chair of Sustainable Engineering, Institute of Environmental Technology, Technische Universität Berlin, 10623 Berlin, Germany Highlights Sustain. 2 (4), 207-223. https://doi.org/10.54175/hsustain2040015. Diekel, Felice, Vanessa Bach, 2023.评估初创企业的气候绩效潜力：关于年轻企业环境可持续性评估的见解和指导。德国柏林工业大学环境技术研究所可持续工程主席，柏林，10623；Matthias Finkbeiner，德国柏林工业大学环境技术研究所可持续工程主席，柏林，10623；Highlights Sustain.2 (4), 207-223.https://doi.org/10.54175/hsustain2040015.
Dixon-Fowler, H.R., Slater, D.J., Johnson, J.L., Ellstrand, A.E., Romi, A.M., 2013. Beyond “Does it Pay to be Green?” A Meta-Analysis of Moderators of the CEP-CFP Relationship. J. Bus. Ethics 112, 353-366. https://doi.org/10.1007/s10551-012-1268-8. Dixon-Fowler, H.R., Slater, D.J., Johnson, J.L., Ellstrand, A.E., Romi, A.M., 2013.超越 "绿色付费吗？CEP-CFP 关系调节因素的元分析》。J. Bus.J. Bus. Ethics 112, 353-366.https://doi.org/10.1007/s10551-012-1268-8.
Fulghieri, Paolo, Sevilir, Merih, 2009. Organization and financing of innovation, and the choice between corporate and independent venture capital. J. Financ. Quant. Anal. 44 (6), 1291-1321. https://doi.org/10.1017/S0022109009990391. Fulghieri, Paolo, Sevilir, Merih, 2009.创新的组织和融资，以及企业和独立风险资本之间的选择。J. Financ.Quant.J. Financ.44 (6), 1291-1321.https://doi.org/10.1017/S0022109009990391.
Goglio, P., Williams, A.G., Balta-Ozkan, N., Harris, N.R.P., Williamson, P., Huisingh, D., Zhang, Z., Tavoni, M., 2020. Advances and Challenges of Life Cycle Assessment (LCA) of greenhouse gas removal technologies to fight climate changes. J. Clean. Prod. 244 (January), 118896. https://doi.org/10.1016/j. jclepro.2019.118896. Goglio, P., Williams, A.G., Balta-Ozkan, N., Harris, N.R.P., Williamson, P., Huisingh, D., Zhang, Z., Tavoni, M., 2020.应对气候变化的温室气体清除技术生命周期评估（LCA）的进展与挑战》。J. Clean.244 (January), 118896.https://doi.org/10.1016/j. jclepro.2019.118896.
Gonenc, H., Scholtens, B., 2017. Environmental and financial performance of fossil fuel firms: a closer inspection of their interaction. Ecol. Econ. 132, 307-328. https://doi.org/10.1016/j.ecolecon.2016.10.004. Gonenc, H., Scholtens, B., 2017.化石燃料企业的环境绩效与财务绩效：对二者互动关系的深入研究。Ecol.Econ.132, 307-328.https://doi.org/10.1016/j.ecolecon.2016.10.004.
Gornall, W., Strebulaev, I.A., 2021. The economic impact of venture capital: evidence from public companies. SSRN Electron. J. https://doi.org/10.2139/ ssrn. 2681841 . Gornall, W., Strebulaev, I.A., 2021.The economic impact of venture capital: evidence from public companies.SSRN Electron.J. https://doi.org/10.2139/ ssrn.2681841 .
Groh, A.P., von Liechtenstein, H., Lieser, K., 2010. The European Venture Capital and Private Equity country attractiveness indices. J. Corp. Financ. 16, 205-224. https://doi.org/10.1016/j.jcorpfin.2009.09.003. Groh, A.P., von Liechtenstein, H., Lieser, K., 2010.The European Venture Capital and Private Equity Country attractiveness indices.J. Corp.Financ.16, 205-224.https://doi.org/10.1016/j.jcorpfin.2009.09.003.
Hart, S.L., 1995. A natural-resource-based view of the firm. Acad. Manag. Rev. 20, 986-1014. https://doi.org/10.2307/258963. Hart, S.L., 1995.A natural-resource-based view of the firm.Acad.Manag.Rev. 20, 986-1014.https://doi.org/10.2307/258963.
Hegeman, Puck D., Sørheim, Roger, 2021. Why Do They Do It? Corporate venture capital investments in cleantech startups. J. Clean. Prod. 294 (April)), 126315. https://doi.org/10.1016/j.jclepro.2021.126315. Hegeman, Puck D., Sørheim, Roger, 2021.他们为什么这么做？清洁技术初创企业的企业风险投资。J. Clean.294（4 月）），126315。https://doi.org/10.1016/j.jclepro.2021.126315.
Hoang, T.-H.-V., Przychodzen, W., Przychodzen, J., Segbotangni, E.F., 2020. Does it pay to be green? A disaggregated analysis of U.S. firms with green patents. Bus. Strategy Environ. 29, 1331-1361. https://doi.org/10.1002/bse.2437. Hoang, T.-H.-V., Przychodzen, W., Przychodzen, J., Segbotangni, E.F., 2020.绿色是否值得？对拥有绿色专利的美国公司的分类分析。Bus.Strategy Environ.29, 1331-1361.https://doi.org/10.1002/bse.2437.
Kim, Sang, Li, Zhichuan (Frank, 2021. Understanding the Impact of ESG Practices in Corporate Finance. Sustainability 13 (7), 3746. https://doi.org/10.3390/ su13073746. Kim, Sang, Li, Zhichuan (Frank, 2021.了解 ESG 实践对企业融资的影响》。可持续发展 13 (7)，3746。https://doi.org/10.3390/ su13073746.
Klassen, R., Mclaughlin, C., 1996. The impact of environmental management on firm performance. Manag. Sci. 42, 1199-1214. https://doi.org/10.1287/ mnsc.42.8.1199. Klassen, R., Mclaughlin, C., 1996.环境管理对公司业绩的影响。Manag.42, 1199-1214.https://doi.org/10.1287/ mnsc.42.8.1199.
Kraus, Sascha, Rehman, Shafique Ur, García, F.Javier Sendra, 2020. Corporate social responsibility and environmental performance: the mediating role of environmental strategy and green innovation. Technol. Forecast. Soc. Change 160 (November), 120262. https://doi.org/10.1016/j.techfore.2020.120262. Kraus, Sascha, Rehman, Shafique Ur, García, F.Javier Sendra, 2020.企业社会责任与环境绩效：环境战略与绿色创新的中介作用》。Technol.预测。社会变迁》，160（11 月），120262。https://doi.org/10.1016/j.techfore.2020.120262.
Lange, Elfi M., Banadaki, Niloofar Ghotbedini, 2023. ESG Consideration in Venture Capital: Drivers, Strategies and Barriers. Stud. Econ. Financ. November. https:// doi.org/10.1108/SEF-06-2023-0380. Lange, Elfi M., Banadaki, Niloofar Ghotbedini, 2023.风险投资中的环境、社会和公司治理考虑：驱动因素、战略和障碍》。Stud.Econ.Financ.11月。https:// doi.org/10.1108/SEF-06-2023-0380.
Leendertse, Jip, Van Rijnsoever, Frank J., Eveleens, Chris P., 2021. The sustainable start-up paradox: predicting the business and climate performance of start-ups. Bus. Strategy Environ. 30 (2), 1019-1036. https://doi.org/10.1002/bse. 2667. Leendertse, Jip, Van Rijnsoever, Frank J., Eveleens, Chris P., 2021.可持续的新创企业悖论：预测新创企业的业务和气候表现》（The sustainable start-up paradox: predicting the business and climate performance of start-ups.Bus.Strategy Environ.30 (2), 1019-1036.https://doi.org/10.1002/bse.2667.
Lewandowski, Stefan, 2017. Corporate carbon and financial performance: the role of emission reductions. Bus. Strategy Environ. 26 (8), 1196-1211. https://doi.org/ 10.1002/bse. 1978. Lewandowski, Stefan, 2017.企业碳排放与财务业绩：减排的作用》（Corporate carbon and financial performance: the role of emission reductions.Bus.Strategy Environ.26 (8), 1196-1211.https://doi.org/ 10.1002/bse.1978.
LinLin, 2022. Venture capital in the rise of sustainable investment. Eur. Bus. Organ. Law Rev. 23 (1), 187-216. https://doi.org/10.1007/s40804-021-00238-8. 《林林，2022 年。风险投资在可持续投资中的崛起》。Eur.Bus.Organ.Law Rev. 23 (1), 187-216.https://doi.org/10.1007/s40804-021-00238-8.
Mansouri, Sasan, Momtaz, Paul P., 2022. Financing sustainable entrepreneurship: ESG measurement, valuation, and performance. J. Bus. Ventur. 37 (6), 106258. https://doi.org/10.1016/j.jbusvent.2022.106258. Mansouri, Sasan, Momtaz, Paul P., 2022.可持续创业融资：ESG 测量、估值和绩效。J. Bus.Ventur.37 (6), 106258.https://doi.org/10.1016/j.jbusvent.2022.106258.
Mazza, Paolo, Shuwaikh, Fatima, 2022. Industry-relatedness, geographic proximity and strategic decisions of corporate and independent venture capital-backed companies. August, 1-38 J. Small Bus. Manag… https://doi.org/10.1080/00472778.2022.2108432. Mazza, Paolo, Shuwaikh, Fatima, 2022.企业和独立风险资本支持公司的行业相关性、地理邻近性和战略决策。August, 1-38 J. Small Bus.Manag… https://doi.org/10.1080/00472778.2022.2108432.
Naeem, Nasruzzaman, and Serkan Çankaya. 2022. “The Impact of ESG Performance over Financial Performance: A Study on Global Energy and Power Generation Companies.” Naeem, Nasruzzaman, and Serkan Çankaya.2022."环境、社会和公司治理绩效对财务绩效的影响：全球能源和发电公司研究"。
Qian, L., Xu, X., Sun, Y., Zhou, Y., 2022. Carbon emission reduction effects of eco-industrial park policy in China. Energy 261, 125315. https://doi.org/10.1016/j. energy.2022.125315. Qian, L., Xu, X., Sun, Y., Zhou, Y., 2022.中国生态工业园区政策的碳减排效应》。能源》261期，125315页。https://doi.org/10.1016/j. energy.2022.125315.
Yuniarti, R., Soewarno, N., Isnalita, I., 2022. Green Innovation on Firm Value with Financial Performance as Mediating Variable: Evidence of the Mining Industry. Asian Acad. Manag. J. 27 (2). https://doi.org/10.21315/aamj2022.27.2.3. Yuniarti, R., Soewarno, N., Isnalita, I., 2022.以财务绩效为中介变量的绿色创新对企业价值的影响：采矿业的证据》。Asian Acad.J. 27 (2).J. 27 (2).https://doi.org/10.21315/aamj2022.27.2.3.
Shuwaikh F., (2018) " Key-Drivers of Innovation Success and Financial Performance in Corporate Venture Capital". Humanities and Social Sciences. Paris Saclay, 2018. Shuwaikh F., (2018)《企业风险投资中创新成功与财务绩效的关键驱动因素》。人文与社会科学》。巴黎萨克雷，2018 年。
Shuwaikh, F., Benkraiem, R., Dubocage, E., 2022a. Investment in Green Innovation: How does It Contribute to Environmental and Financial Performance? J. Innov. Econ. Manag. Prépublication, I137-XLIII. https://doi.org/10.3917/jie.pr1.0137. Shuwaikh, F., Benkraiem, R., Dubocage, E., 2022a.绿色创新投资：它如何促进环境和财务绩效？J. Innov.Innov.Manag.Prépublication, I137-XLIII.https://doi.org/10.3917/jie.pr1.0137.
Shuwaikh, F., Brintte, S., Khemiri, S., 2022b. The impact of dynamic ambidexterity on the performance of organizations: evidence from corporate venture capital investing in North America. J. Econ. Behav. Organ 200, 991-1009. https://doi.org/10.1016/j.jebo.2022.07.012. Shuwaikh, F., Brintte, S., Khemiri, S., 2022b.The impact of dynamic ambidexterity on the performance of organizations: evidence from corporate venture capital investing in North America.J. Econ.Behav.Organ 200, 991-1009.https://doi.org/10.1016/j.jebo.2022.07.012.
Shuwaikh, F., Brintte, S., Khemiri, S., Castro, R.G.D., 2022c. Venture capital activities under uncertainty: US and UK investors behavior. Ann. Oper. Res. https://doi. org/10.1007/s10479-022-04962-3. Shuwaikh, F., Brintte, S., Khemiri, S., Castro, R.G.D., 2022c.不确定性下的风险投资活动：美国和英国投资者的行为。Ann.Oper.Res.https://doi. org/10.1007/s10479-022-04962-3.
Shuwaikh, F., Dias, J., 2023. The power of syndication: the innovation output of venture capital investments in the United States. Manag. Int. Int. Manag. GestiòN. Int. 27, 140-152. https://doi.org/10.59876/a-6r7m-ahrf. Shuwaikh, F., Dias, J., 2023.The power of syndication: the innovation output of venture capital investments in the United States.Manag.Int.Int.Manag.GestiòN.27, 140-152.https://doi.org/10.59876/a-6r7m-ahrf.
Shuwaikh, F., Dubocage, E., Murer, D., 2023a. Underpricing of corporate and independent venture capital-backed IPOs: do they differ. Rev. Quant. Financ. Acc. 60, 1629-1650. https://doi.org/10.1007/s11156-023-01144-5. Shuwaikh, F., Dubocage, E., Murer, D., 2023a.Underpricing of corporate and independent venture capital-backed IPOs: do they differ.Rev. Quant.60, 1629-1650.60, 1629-1650.https://doi.org/10.1007/s11156-023-01144-5.
Shuwaikh, F., Dubocage, E., 2022. Access to the Corporate Investors’ Complementary Resources: A Leverage for Innovation in Biotech Venture Capital-Backed Companies, 175, 121374. https://doi.org/10.1016/j.techfore.2021.121374. Shuwaikh, F., Dubocage, E., 2022.获得企业投资者的补充资源：A Leverage for Innovation in Biotech Venture Capital-Backed Companies, 175, 121374.https://doi.org/10.1016/j.techfore.2021.121374.
Shuwaikh, F., Hughes, M., Brinette, S., Khemiri, S. (2023b). Investment decisions under uncertainty: Corporate venture capital as a real option. Int. J. Finance Econ. n/ a. 〈https://doi.org/10.1002/ijfe.2794〉. Shuwaikh, F., Hughes, M., Brinette, S., Khemiri, S. (2023b).不确定性下的投资决策：企业风险投资作为一种真实选择。Int.J. Finance Econ. n/ a. 〈https://doi.org/10.1002/ijfe.2794〉。
Sun, Xiaohua, Yan Dong, Yun Wang, Junlin Ren, 2022. Sources of greenhouse gas emission reductions in OECD countries: composition or technique effects. Ecol. Econ. 193 (March), 107288. https://doi.org/10.1016/j.ecolecon.2021.107288. 孙晓华、董艳、王云、任俊林，2022 年。经合组织国家温室气体减排的来源：成分效应还是技术效应？Ecol.Ecol.193 (March), 107288.https://doi.org/10.1016/j.ecolecon.2021.107288.
Trautwein, Constanze, 2021. Sustainability impact assessment of start-ups - key insights on relevant assessment challenges and approaches based on an inclusive, systematic literature review. J. Clean. Prod. 281 (January)), 125330. https://doi.org/10.1016/j.jclepro.2020.125330. Trautwein, Constanze, 2021.初创企业的可持续性影响评估--基于包容性、系统性文献综述的相关评估挑战和方法的关键见解。J. Clean.281 (January)), 125330.https://doi.org/10.1016/j.jclepro.2020.125330.
Velte, Patrick, 2017. Does ESG Performance Have an Impact on Financial Performance? Evidence from Germany. J. Glob. Responsib. 8 (2), 169-178. https://doi.org/ 10.1108/JGR-11-2016-0029. Velte, Patrick, 2017.环境、社会和治理绩效对财务绩效有影响吗？来自德国的证据。J. Glob.Responsib.8 (2), 169-178.https://doi.org/ 10.1108/JGR-11-2016-0029.
Yang, Tianle, Sun, Zhennan, Du, Min, Du, Qunyang, Li, Lei, Shuwaikh, Fatima, 2023. The impact of the degree of coupling coordination between green finance and environmental regulations on firms’ innovation performance: evidence from China. Ann. Oper. Res. (December). https://doi.org/10.1007/s10479-023-05704-9. 杨天乐、孙振南、杜敏、杜群羊、李磊、舒瓦伊赫、法蒂玛，2023。绿色金融与环境法规耦合协调程度对企业创新绩效的影响：来自中国的证据》，《中国科学报》，2011 年第 3 期。Ann.Oper.Res. (December).https://doi.org/10.1007/s10479-023-05704-9.
We declare that this work has: not been submit elsewhere, no conflict of interest, and no ethical issues. 我们声明：本作品未在其他地方发表，无利益冲突，无伦理问题。
