Abstract: The impact of venture capital on technology innovation is an important topic both in theory and practice. This paper analyzes the influence of venture capital to the technology innovation of the invested enterprise from the perspective of specialized investment strategy. It is based on enterprises as samples which are listed on Shenzhen Growth Enterprises Market. It finds that venture capital can promote the technology innovation of the invested enterprise effectively. The specialized ability of industry is stronger, and the level of enterprises’ technological innovation is higher. Further inspection finds that the industry specialization of venture capital investment makes more influence on high-tech enterprises’ technology innovation. Stage specialization and regional specialization strategy can strengthen the effect of industry specialization to the technology innovation of the invested enterprise. Industry specialization increases the possibility of early-stage and investment proximity; different specializations partly strengthen each other. The paper finds out the mechanism of promoting technical innovation from the perspective of specialization.

摘要： 风险资本对于企业技术创新的作用是重要的学术和实践问题。论文以创业板上市公司为样本，研究风险资本专业化投资对被投资企业技术创新的影响。研究发现，风险资本能够显著促进企业技术创新，并且风险资本行业专业化程度越高，企业技术创新水平越高。进一步检验发现，风险资本的行业专业化对高科技企业技术创新的影响更大；阶段和地域聚焦投资强化了行业专业化对企业技术创新的影响；同时，行业专业化提高了风险资本进行早期阶段和近距离投资的倾向，不同专业化之间存在部分相互强化关系。论文从专业化角度，揭示了风险资本促进企业技术创新的能力机制。