Abstract: Advancing the green transformation and balancing the economic and social development with ecological environment protection are the essential requirements for Chinese path to modernization. In this process, we need to reveal the principle of innovation system, and analyze the path of green technology innovation, understanding the impact of knowledge elements and capital elements on the green technology innovation in the complex environment. Theoretically, various elements in the innovation system are interconnected to form a network. Therefore, exploring the aforementioned issue from the perspective of complex networks is an effective method. We connect the two dimensions of knowledge elements and capital elements, use the companies listed on Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange as a sample, and collects the data related to venture capital, green patents, financial and operational from 2010 to 2021. We construct a coupling network of knowledge element-venture capital to examine the potential "mobility barrier" and "siphon effect" that enterprises may face in green innovation. The study also explores strategies to overcome these challenges. The research results show that (1) "mobility barrier" in the green innovation impedes the positive influence of knowledge spillovers on the patent outputs. The industry leaders tend to blockade knowledge, triggering a "siphon effect" that hinders the collaborative R&D in patents; (2) to break through the "mobility barrier" and "siphon effect", introducing the external channels for knowledge resource spillover is crucial. The venture capital network emerges as an effective pathway for the knowledge spillovers, focusing on the investments in SMEs across various industries; and (3) embedding the enterprises within a knowledge-venture capital coupling network can effectively break through the barriers of "mobility barrier" and "siphon effect". On one hand, the venture capital aids in connecting the innovative enterprises in multiple industries, thereby breaking the "mobility barrier". On the other hand, the coupling network decentralizes the industry-leading enterprises, reducing the "siphon effect". The possible contributions of our study are primarily reflected in three aspects. First, we broaden the perspective on green technology innovation. The current research focus on the output of green technology innovation, and do not thoroughly analyze the innovation strategy as collaborative R&D. In order to incorporate it into the research framework, we also investigate the "siphoning effect" while exploring the "homogeneity barrier". Second, we enrich the scene of exploring the influencing factors of technological innovation. The existing research on constructing networks often focuses on the internal relational networks among the firms, such as cooperative networks and knowledge element networks. These networks typically emphasize the reorganization of existing knowledge without truly incorporating external knowledge. We introduce the venture capital network to investigate the role of external networks in firm knowledge spillovers. Third, we deepen the understanding of how enterprises integrate resources to promote the green technology innovation from the perspective of complex networks. The previous literature often isolates the impact on green technology innovation embedding in a specific network, which are disconnect from reality. Firms need embed in various networks, and integrate the diversified resources in the green technology innovation. Our research eliminates the gap between the green technology innovation and venture capital market, examining the synergistic interaction between the finance and knowledge.