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

Ma, Shihan; Zhang, Kehan; Jin, Linhong; Wang, Xuan; Jiang, Yadong

doi:10.3390/su18104992

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

by

Shihan Ma

¹,

Kehan Zhang

¹,

Linhong Jin

²,

Xuan Wang

³ and

Yadong Jiang

^1,*

¹

School of Economics and Finance, Hohai University, Changzhou 213200, China

²

School of Business, Hohai University, Changzhou 213200, China

³

Bank of Nanjing Co., Ltd., Nanjing 211000, China

^*

Author to whom correspondence should be addressed.

Sustainability 2026, 18(10), 4992; https://doi.org/10.3390/su18104992 (registering DOI)

Submission received: 16 April 2026 / Revised: 8 May 2026 / Accepted: 13 May 2026 / Published: 15 May 2026

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Abstract

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

Keywords: venture capital network; green technology innovation; complex network analysis; STAR and ChiNext Markets

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MDPI and ACS Style

Ma, S.; Zhang, K.; Jin, L.; Wang, X.; Jiang, Y. Network Positions in Venture Capital Co-Shareholder Networks and Corporate Green Technology Innovation: Evidence from China’s STAR and ChiNext Markets. Sustainability 2026, 18, 4992. https://doi.org/10.3390/su18104992

AMA Style

Ma S, Zhang K, Jin L, Wang X, Jiang Y. Network Positions in Venture Capital Co-Shareholder Networks and Corporate Green Technology Innovation: Evidence from China’s STAR and ChiNext Markets. Sustainability. 2026; 18(10):4992. https://doi.org/10.3390/su18104992

Chicago/Turabian Style

Ma, Shihan, Kehan Zhang, Linhong Jin, Xuan Wang, and Yadong Jiang. 2026. "Network Positions in Venture Capital Co-Shareholder Networks and Corporate Green Technology Innovation: Evidence from China’s STAR and ChiNext Markets" Sustainability 18, no. 10: 4992. https://doi.org/10.3390/su18104992

APA Style

Ma, S., Zhang, K., Jin, L., Wang, X., & Jiang, Y. (2026). Network Positions in Venture Capital Co-Shareholder Networks and Corporate Green Technology Innovation: Evidence from China’s STAR and ChiNext Markets. Sustainability, 18(10), 4992. https://doi.org/10.3390/su18104992

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

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