In the face of the COVID-19 pandemic,frequent natural disasters,and energy scarcity,countries worldwide have re-directed their investment and business development efforts from traditional economic value creation to the pursuit of social and en-vironmental value creation.By examining the post-investment management behavior of venture capital,valuable insights can be gained.Therefore,this study focused on investigating the impact of venture capital on corporate sustainable development capabil-ities.Specifically,we analyzed the behavior of venture capital investors after making investments and its subsequent influence on sustainable development.A dataset of all A-share listed companies from 2009 to 2020 served as our research basis,with an aim to illuminate the effect of venture capital on corporate sustainability and unravel underlying mechanisms.The findings of our study are as follows:firstly,venture capital significantly contributes to the promotion of corporate sus-tainable development.Secondly,our mechanism analysis revealed that venture capital affects corporate sustainable development through two key channels.It helps alleviate financing constraints that companies may face,enabling them to invest in sustainable initiatives.Additionally,venture capital acts as a check against management short-sightedness,ensuring a long-term perspec-tive in decision-making processes.Furthermore,our research indicated that venture capital with government backgrounds and long-term shareholding exhibits a stronger effect.Moreover,in regions with lower institutional development and in companies with smaller board sizes,the positive influence of venture capital becomes even more significant.This study made significant theoretical contributions in the following aspects:Firstly,it has broadened the research on post-investment governance of venture capital from the perspective of corporate sustainable development.While there is an abun-dance of existing research on the impact of venture capital on companies,most of them focus on market economic effects or inter-nal governance within companies.There is a lack of research on the mechanisms and effects of venture capital on corporate sus-tainable development.This study aims to clarify the relationship between venture capital and corporate sustainable development capabilities,elucidating the underlying mechanisms.This study elucidated this relationship,offering novel insight into the post-investment governance of venture capital and providing fresh evidence for the ongoing theoretical debate around venture capital's"arbitrage-seeking"and"certification supervision".Secondly,it has enriched the research on the factors influencing corporate sustainable development capabilities.Both do-mestic and international research primarily focuses on evaluating the economic effects of sustainable development,with limited at-tention given to the factors influencing corporate sustainable development capabilities.This study went beyond the existing litera-ture by expanding the perspective from economic consequences to guiding corporate sustainable development.Thirdly,this paper has also revealed the paths through which venture capital holdings influence corporate sustainable devel-opment.This study conducted an in-depth analysis of the mechanisms through which venture capital affects corporate sustain-able development capabilities.By doing so,it clarified the channels of post-investment governance effects of venture capital,and identified the mechanisms and limitations of the impact of venture capital on corporate sustainable development.These findings will contribute to the establishment of a sound capital market system and the promotion of high-quality de-velopment among listed companies.
venture capitalsustainable development capacityESGcorporate governance
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