Abstract: This paper examines the impact of venture capital on the relationship between R&D investment and government R&D subsidies using the sample of listed firms in growth enterprise market (GEM) from 2009 to 2012. It shows that as the government R&D subsidies increase, the listed firms with venture capital institute (VC) as the shareholder have a higher level of R&D investment comparing the firms without VC shareholders. I also find that different characteristics the VC shareholders owned have a positive effect on the relationship between R&D investment and government R&D subsidies. With the increasing of government R&D subsidies, the firms with stated-owned VC institute or a high shareholding of VC have a higher level of R&D investment comparing with those with a low shareholding ratio of VC or without the state-owned VC institute.
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Key words: venture capital, government R&, D subsidies, R&, D investment

摘要： 本文以2009-2012年我国创业板上市公司为样本，研究风险投资对上市公司研发投入与政府专项研发补助关系的作用效果，结果发现：随着政府专项研发补助的提高，具有风险投资持股的上市公司其研发投入上升幅度要显著高于没有风险投资机构持股的上市公司研发投入。以风险投资持股的上市公司为样本，研究还发现不同特征的风险投资均能起到促进政府专项研发补助与上市公司研发投入之间正相关关系的作用，随着政府研发补助的提高，具有较高持股比例、国有背景风险投资的上市公司其研发投入的上升幅度要显著大于风险投资持股比例较低、非国有背景风险投资持股的上市公司。

关键词: 风险投资, 政府专项研发补助, 研发投入