在“双创”背景下，为促进创业投资更好发挥优势、提升新创企业技术创新绩效，综合考虑新创企业创始团队因素、创业投资机构特征以及创业投资双方技术关联的影响，基于2012－2019年中国创业板获创业投资支持的上市公司数据，从创业投资机构股权投资比重视角探究其对新创企业技术创新绩效的影响机制。结果表明创业投资机构股权投资比重对新创企业技术创新绩效存在负向影响，且传统金融类和实体公司类等不同类别创业投资机构股权投资比重的影响无显著差异，而当创业投资双方呈现出技术相似或技术互补时负向影响将削弱。因此，为规避创业投资机构较多持股而产生的消极影响，分别从创业投资机构层面、新创企业层面和国家层面提出明确定位、把握好自身控制权以及完善法律法规等对策建议。

Under the background of mass entrepreneurship and innovation, in order to promote the advantages of venture capital and improve the technological innovation performance of startups, considering the influence of startups’ founding team, venture capital institutions’ characteristics and the technological connection between venture capital partners, based on the data of all the listed companies on the growth enterprise market (GEM) supported by venture capital from 2012 to 2019, this paper explores the mechanism of the influence on the startups’ technological innovation performance from the perspective of venture capital institutions’ equity proportion. The results show that venture capital institutions’ equity proportion negatively impacts on startups’ technological innovation performance, and there is no significant difference when it comes to different types of venture capital institutions, while the negative impact will be weakened when there is technological similarity or technological complementarity between venture capital partners. Therefore, in order to avoid negative impact caused by more shareholdings of venture capital institutions, the paper proposes countermeasures from the level of venture capital institutions, startups and the national level respectively, such as clearing positioning, grasping own control power and improving laws and regulations.

F832.48；F273.1；F224；G301

国家自然科学基金面上项目“基于专利池的高技术产业技术标准开发机制与政策研究”(71774177)