Skip to main content
SpringerLink
Log in

Accelerating Urban Green Economic Growth Through Government Guidance Funds: Case Study of a National Green Finance Pilot City

  • Conference paper
  • First Online:
Proceedings of the 27th International Symposium on Advancement of Construction Management and Real Estate (CRIOCM 2022)

Part of the book series: Lecture Notes in Operations Research ((LNOR))

  • 603 Accesses

Abstract

The profound and lasting influence of Covid-19 and the global consensus of carbon peaking and carbon neutrality is reforming the underlying logic of economic development, and the green economy will become a new engine of economic growth in the future. Government guiding funds (GGF), as a policy tool in guiding industrial development, are playing an important role in stimulating low-carbon green economy growth in China. GGF is another approach different from PPP to harness the collective efforts of public and private sectors, in order to transform the industrial chain, innovation chain and value chain of the urban economy and improve economic resilience. A green GGF selects and financially invests the green startups in the market-oriented approach, yet under the government guidance and regulations, and it will withdraw from the investment when the green business fails or provides sufficient return. Taking the national green finance pilot city of Quzhou in Zhejiang Province as the case, this study adopted documentary analysis and semi-structured interview to identify the operation mechanism, strengths, and weaknesses of government guidance funds in developing green industries and improving urban economic resilience. Based on the experiences and lessons from the case study, some policy suggestions are provided for the improvement of government guidance funds in other regions in promoting green economy development.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 229.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 299.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Paton, D., Johnston, D.: Disasters and communities: vulnerability, resilience and preparedness. Disaster Prev. Manag. Int. J. 10(4), 270–277 (2001)

    Article  Google Scholar 

  • Xu, J., Yu, L., Gupta, R.: Evaluating the performance of the government venture capital guiding fund using the intuitionistic fuzzy analytic hierarchy process. Sustainability 12(17), 6908 (2020)

    Article  Google Scholar 

  • Bin, Z.: Research on the construction and weighting of performance evaluation indexes of government venture capital guiding funds. Pioneering Sci. Technol. Mon. 33(7), 10 (2020)

    Google Scholar 

  • Qin, Z.W.: Investing in the economic resilience of megacities. Reg. Econ. Rev. 6, 9–11 (2020). (in Chinese)

    Google Scholar 

  • Colombo, M.G., Cumming, D.J., Vismara, S.: Governmental venture capital for innovative young firms. J. Technol. Transf. 41(1), 10–24 (2014). https://doi.org/10.1007/s10961-014-9380-9

    Article  Google Scholar 

  • Montmartin, B., Herrera, M.: Internal and external effects of R&D subsidies and fiscal incentives: empirical evidence using spatial dynamic panel models. Res. Policy: J. Devoted Res. Policy Res. Manag. Plan. 44(5), 1065–1079 (2015)

    Article  Google Scholar 

  • Sorenson, O., Audia, P.G.: The social structure of entrepreneurial activity: geographic concentration of footwear production in the United States. Am. J. Sociol. 106(2), 424–462 (2000)

    Article  Google Scholar 

  • Li, H.J., Bao, X.Y.: The empirical research on the performance of venture capital guidance fund abroad. Soft Science (2012). (in Chinese)

    Google Scholar 

  • Li, H.J.: Research on the performance evaluation index system of government-oriented venture capital guiding funds. Sci. Technol. Manag. Res. 30(15), 45–49 (2010). (in Chinese)

    Google Scholar 

  • Wang, Z., Mu, Z.: The research overview of venture analysis and performance evaluation of the government emerging industry venture capital guide fund. In: 2016 International Symposium on Advances in Electrical, Electronics and Computer Engineering, pp. 60–63. Atlantis Press (2016)

    Google Scholar 

  • Alperovych, Y., Hübner, G., Lobet, F.: How does governmental versus private venture capital backing affect a firm’s efficiency? Evidence from Belgium. J. Bus. Ventur. 30(4), 508–525 (2015)

    Article  Google Scholar 

  • Breschi, S., Johnstone, N., Menon, C.: Are start-ups funded by public venture capital different? New cross-country evidence from micro-data. Ind. Corporate Change 30, 1615–1632 (2021)

    Article  Google Scholar 

  • Cumming, D.: Government policy towards entrepreneurial finance: innovation investment funds. J. Bus. Ventur. 22(2), 193–235 (2007)

    Article  Google Scholar 

  • Dong, J., Zhang, H., Zhou, Y.: Research on the performance evaluation of government venture capital guiding fund based on DEA cluster. In: Fifth Symposium of Risk Analysis and Risk Management in Western China (WRARM 2017) (2017)

    Google Scholar 

  • Dong, W., Li, Y., Lv, X., et al.: How does venture capital spur the innovation of environmentally friendly firms? Evidence from China. Energy Econ. 103, 105582 (2021). https://doi.org/10.1016/j.eneco.2021.105582

    Article  Google Scholar 

  • Lerner, J.: Boom and bust in the venture capital industry and the impact on innovation. Econ. Rev. (2002)

    Google Scholar 

  • Lerner, J.: The future of public efforts to boost entrepreneurship and venture capital. Small Bus. Econ. 35(3), 255–264 (2010)

    Article  Google Scholar 

  • Liu, C.X., Liu, H.T., Meng, Z.H.: Research on performance evaluation of government venture capital guiding fund participation funds. Shanghai Financ. (10), 61–65+39 (2015). https://doi.org/10.13910/j.cnki.shjr.2015.10.009. (in Chinese)

  • Liu, Q.S., Zhao, T.J.: Construction of performance evaluation index system for government-guided funds. Financ. Account. (06), 54–57 (2020). (in Chinese)

    Google Scholar 

  • Liu, X., Sun, B., Dong, L.V., et al.: Optimization of the performance evaluation index system for government-guiding funds in China. Tianjin Science & Technology (2018)

    Google Scholar 

  • Luukkonen, T., Deschryvere, M., Bertoni, F.: The value added by government venture capital funds compared with independent venture capital funds. Post-Print (2013)

    Google Scholar 

  • Lv, H.J., Chen, Y.: Construction of performance evaluation system of government-guided funds in Henan Province. Investment Entrepreneurship 32(05), 14–16 (2021). (in Chinese)

    Google Scholar 

  • Pan, F., Zhang, F., Wu, F.: State-led financialization in China: the case of the government-guided investment fund. China Q. 1–24 (2020)

    Google Scholar 

  • Qiu, B.X.: Future cities and resilient design principles. Chin. Soc. Sci. Digest 3, 156 (2021). (in Chinese)

    Google Scholar 

  • Shan, K.J.: An analysis of the operation of China’s green development fund. Financ. Theory Pract. (11), 4 (2018). (in Chinese)

    Google Scholar 

  • Sohn, D.W., Kim, H.J., Hur, W.: Effect of venture capital and government support on the performance of venture firms in Korea. Asian J. Technol. Innov. 20(2), 309–322 (2012)

    Article  Google Scholar 

  • Suchard, J.A., Humphery-Jenner, M., Cao, X.: Government ownership and Venture Capital in China. J. Bank. Finance 129, 106164 (2021)

    Article  Google Scholar 

  • Tang, X.: The construction of performance evaluation system of government venture capital guiding funds–a study based on the combination of principal component and hierarchical analysis. Contemp. Econ. (10), 34–39 (2021). (in Chinese)

    Google Scholar 

  • Tao, X.D.: Resilient cities: connotation perception, international experience and Chinese strategies. Frontiers (11), 79–89 (2022)

    Google Scholar 

  • Tian, J.J.: Performance evaluation system of government-guided fund: a case study of strategic emerging industries. J. Eastern Liaoning Univ. (Soc. Sci.) (2018). (in Chinese)

    Google Scholar 

  • Tu, Q.Y., Su, N., Tao, X.D.: International Urban Development Report (2022). (in Chinese)

    Google Scholar 

  • UNEP SEI, IISD. Negotiating Adaptation: International issues of Equity and Finance. Copenhagen Discussion Series, Paper 3 (2009)

    Google Scholar 

  • Xiang, Y., Ma, X., Lu, J.: Study on the performance assessment of government venture investment guidance fund based on the improved IFAHP. Public Financ. Res. (2018). (in Chinese)

    Google Scholar 

  • Yi, J.J., Sun, T.Z., Lu, Y.X.: Research on the performance evaluation of Henan government venture capital guidance fund. Chin. Foreign Entrepreneurs (25), 81–82 (2017). (in Chinese)

    Google Scholar 

Download references

Acknowledgement

This work was supported by the National Nature Science Foundation of China [Grant No. 71802178]; Ministry of Education of Humanities and Social Science project [Grant No. 18YJC790199].

Author information

Authors and Affiliations

  1. School of Public Administration, Zhejiang University of Finance and Economics, Hangzhou, China

    Yanan Xue & Hongdi Wang

  2. School of Accounting, Zhejiang University of Finance and Economics, Hangzhou, China

    Qing Yang

Authors
  1. Yanan Xue
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Hongdi Wang
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Qing Yang
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Qing Yang .

Editor information

Editors and Affiliations

  1. Department of Geography and Resource Management, The Chinese University of Hong Kong, Hong Kong, China

    Jing Li

  2. Department of Real Estate and Construction, University of Hong Kong, Hong Kong, Hong Kong

    Weisheng Lu

  3. Department of Emergency Management, Nanjing University, Nanjing, China

    Yi Peng

  4. School of Management, Guangzhou University, Guangzhou, Guangdong, China

    Hongping Yuan

  5. Department of Geography and Resource Management, The Chinese University of Hong Kong, Hong Kong, China

    Daikun Wang

Rights and permissions

Reprints and permissions

Copyright information

© 2023 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Xue, Y., Wang, H., Yang, Q. (2023). Accelerating Urban Green Economic Growth Through Government Guidance Funds: Case Study of a National Green Finance Pilot City. In: Li, J., Lu, W., Peng, Y., Yuan, H., Wang, D. (eds) Proceedings of the 27th International Symposium on Advancement of Construction Management and Real Estate. CRIOCM 2022. Lecture Notes in Operations Research. Springer, Singapore. https://doi.org/10.1007/978-981-99-3626-7_83

Download citation

Publish with us

Policies and ethics

Search

Navigation