中文摘要：

文章尝试从研发投入、董事会参与和联合投资三个方面探索公共风险资本对目标企业技术创新能力的作用机理，并通过创业板市场的数据进行实证检验。发现，公共风险资本的介入对企业研发投入的影响不显著，而对企业的发明专利有显著的正向作用，但其持股比例则有反向的影响：此外，公共风险资本的介入和研发投入以及董事会参与的交互效应并不一致。还发现，公共风险资本运用联合投资策略能够促进目标企业总的创新产出，但这主要归功于其联合投资伙伴。

英文摘要：

This article analyzes the relation between public venture capital（PVC） and the target enterprise＇s innovation capacity from R＆D investment,joining in board of directors and syndicate investment, meanwhile, testing it by the data of Shenzhen growth enterprises market. Results suggest PVC involvement is not significantly related with targeted firm＇s research and development expenditure（ R＆D） , but is significantly positively related with targeted firm＇s number of invention patents. In addition, the share hold rate by PVC has a significantly negative relationship with the number of targeted firm＇s invention patent. Further research shows targeted firm＇s the interaction effect of PVC and R＆D is significantly positively related with the total number of targeted firm＇s patent but board of directors＇ involvement by PVC just has the reversed effect Moreover, we also examine influence of the PVC syndicate investment on the targeted firm＇s innovation capacity.