Abstract: Based on the innovation production function which was used by Kortum and Lerner(2000) ,the promotion effect of VC to innovation is decomposed into capital efficiency and innovation efficiency. The empirical analysis based on regional perspective from year 2003 to 2012 shows that the VC can only bring capital efficiency, but can’t help to the innovation efficiency; Besides, the promotion effect of VC to technological innovation is better in Beijing, Shenzhen and Shanghai, that is closely related to the innovative factor intensity and innovative ecological. In order to achieve a good combination of financial innovation and technology innovation and enhance the incentive effect of VC to technological innovation, the innovative factor intensity and innovative ecological should be improved.

摘要： 基于Kortum and Lerner(2000)采用的创新生产函数，将风险投资对于技术创新的促进效应分解为资本增加效应和创新效率提高效应。运用2003-2012年的区域数据进行实证分析，研究结果显示，中国风险投资对技术创新具有显著的资本增加效应，但未能有效发挥创新效率提高效应；同时，促进效应存在区域差异性，在创新要素密集和创新生态环境温润的北京、深圳及上海地区的表现比较突出。基于此，为实现金融创新与技术创新之间的良好结合，改善风险投资对技术创新的激励效应，需仰仗技术创新要素的聚集和创新生态环境的政策引导。