中文摘要：

对中国各地区风险投资科技环境（STE）水平和风险投资（VC）水平分别进行了聚类分析．为了解释两者在聚类分析结果上的差异，对风险投资科技环境的评价指标和风险投资的评价指标分别进行了因子分析，并依据分析结果将风险投资科技环境按支撑主体分为两类，分别称为“培育性科技环境”和“自发性科技环境”．最后，通过结构方程模型，验证了两类科技环境对风险投资支撑作用的差异，进一步揭示出风险投资科技环境与风险投资在聚类分析结果方面有差异的原因．

英文摘要：

Firstly, this paper makes a cluster analysis of both the level of the Chinese scientific and technological environment （STE） and the venture capital. Then, in order to explain the differences in their results, we make a factor analysis of the STE and VC evaluation indictors, and classify the scientific and technological environment into two categories according to the supporting principal, named the ＂cultivated scientific and technological environment＂ and the ＂spontaneous scientific and technological environment＂. Finally, by utilizing the structural equation model （SEM）, we testify the differences of the supporting function of two environments to the development of venture capital, and explain the differences of the two cluster analysis results further.