In the context of the"dual-carbon"goal,ESG has become a strategic choice for the sustainable development of enterprises.As a special kind of institutional investors,venture capital has an important influence on the ESG decisions and behaviors of enterprises.Taking the IPO A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as A research sample,the impact of venture capital on corporate ESG performance is empirically studied.The study found that venture capital has a significant negative impact on the ESG performance of enterprises,which verified the"name by name"hypothesis of venture capital.Further analysis shows that the combination of venture capital,high reputation of venture capital and foreign venture capital background significantly inhibit the negative effect of venture capital on the ESG performance of enterprises.The research conclusion expands the relevant research on the influencing factors of corporate ESG performance,and provides useful ideas and enlightenment for strengthening the government's correct guidance to venture capital and improving the ESG performance of enterprises.
venture capitalcorporate ESG performancecharacteristics of venture capital
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