通过2010—2014年在中国A股市场首发上市的825家企业样本的实证分析,可得出结论:风险投资的参与并不能显著提升企业价值,企业价值的高低取决于其自身的创新能力和成长性;风险投资机构的声誉、持股份额、持股时长对企业价值均无影响,但持股份额能显著提升上市公司的资产规模;风险投资机构没有表现出显著的认证作用,也未发挥提供增值服务的作用。可能的原因在于,我国风险投资行业发展尚不成熟,专业能力与经验相对欠缺,现有盈利模式的局限和追求短期利润的动机,导致其持股时间短,难以实现对企业长期价值的培育。 Through the empirical analysis of 825 enterprises listed in China’s A-share market from 2010 to 2014, it can be concluded that the participation of venture capital does not significantly enhance the value of an enterprise. Its value depends on its own ability to innovate and grow However, the shareholding of listed companies can significantly improve the assets of listed companies. Venture capital institutions did not show any significant certification nor did they provide any information The role of value-added services. The possible reason is that the development of China’s venture capital industry is not yet mature, the relative lack of professional competence and experience, the existing limitations of the profit model and the motivation to pursue short-term profits, resulting in a short holding time, it is difficult to achieve long-term value of enterprise cultivation.