Abstract: By manually gathering the innovation data of information technology and bio-medical firms listed in Shanghai and Shenzhen Stock Markets, this paper studies the effect of VC and PE on firm’s innovation input. The study finds that VC is an effective investor that can promote firm’s innovation input of IPO’s previous year, while the relationship between PE and firm’s innovation input is not obvious, and that both the early entry and the incubation time of VC and PE have a significantly positive influence on firm’s innovation input. Further analysis reveals that VC and PE constitute an effective joint investment to enhance firm’s innovation input; in addition, the above factors have no significant effect on firm’s innovation input of the IPO year.

Key words: venture capital, private equity, innovation input, entry timing, incubation time

摘要： 本文通过手工收集沪深两市信息技术与生物医疗企业创新数据，研究了VC与PE对企业创新投入的影响。研究发现，VC是促进企业IPO前创新投入的有效投资者，而PE与企业创新投入的关系不明显。VC或PE的早期进入和孵化时间都对企业IPO前一年创新投入有明显的正向影响。进一步的分析表明VC与PE构成了促进企业创新投入的有效联合投资，此外上述因素对企业IPO当年创新投入没起到显著的作用。

关键词: 风险投资, 私募股权, 创新投入, 进入时机, 孵化时间