以创业板有风险投资背景的上市企业数据为研究样本，研究风险投资机构进入时机与企业技术创新的关系。结果表明：在早期进入的风险投资机构对企业技术创新的影响更为积极，而在后期进入的风险投资机构对企业的技术创新的影响不显著，甚至产生抑制的作用。基于此研究结论，最后给出政策性建议：大力发展政府引导基金，鼓励风险投资机构投资种子期企业，完善风险资本的准入和退出机制，解决风险投资机构投资早期创业企业的后顾之忧。%Through the study on the companies which are supported by venture capital listed on the GEM board , this paper intent to find out the relationship between the timing of risk investment institutions and the technological innovation of firms. The conclusion is that the earlier risk investment institutions invest the firms ,the more positive impact on the technology innovation of firms,and the risk investment institutions that invest the firms before their IPO have no significant influence on enterprise’s technological innovation. Based on the research conclusion,this paper gives the policy suggestions:develop the government guide fund,encourage venture capital institutions to invest the start-up enterprises,improve the access and exit mechanism of venture capital,solve the problems of venture investment institutions investing the start-up firms.
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