Abstract: Using data of GEM-listed firms, this paper studies the influence of venture capital’s background and shareholding ratio on start-up firms’s R&D inputs. The study findings are as follows. The support of venture capital promotes firm’s R&D input, and venture capital with different background has distinct effect on firm’s R&D input. Government-backed venture capital has no effect on firm’s R&D input, whereas private-backed venture capital and foreign-backed venture capital exert positive influence on firm’s R&D input, among which foreign capital is the most effective investor. Venture capital’s overall shareholding ratio fails to enhance firm’s R&D input; nevertheless, the shareholding ratio of foreign capital has a positive impact on firm’s R&D input. Further analysis shows that the syndication constituted by private-backed and foreign-backed venture capital promotes firm’s R&D input and that both venture capital’s earlier entry and sufficient incubation boost firm’s R&D input.