中文摘要：

以创业板上市企业为考察对象，通过独立样本检验和联合方程模型进行横向对比与纵向回归分析，结果发现有风险投资背景企业与无风险投资背景企业在IPO时发行市盈率、抑价率和IPO后综合盈利能力差异不明显，说明现阶段中国风险投资尚未显著区别于其它资本而更有效实现对创新型企业的孵化与支持功能。若仅对风险投资背景企业样本进行分析，则结果显示风险投资与企业IPO存在短期双赢，即风险投资助推了创新型企业IPO，创新型企业IPO又在短期内为风险投资带来高额回报；风险投资为获短期高额回报而加快企业上市的短视行为并不利于企业整体质量的长期提高。

英文摘要：

This paper studies the listed companies on China Growth Enterprise Market （GEM） by independent samples test for transverse comparison and modeling simultaneous e- quations for longitudinal empirical test, The results show that there is no significant differ- ence between VC-backed and non-VC-backed companies in their Initial Public Offering （IPO）in terms of IPO P/E ratio,under-pricing rate and profitability after the IP0,which implies that the role of VCs in incubating and supporting the innovative SMEs has not effec- tively realized. However, when focusing on the VC-backed companies, the outcome of the empirical test surprisingly indicates that there exists short-term win-win effect on the in- teract/on between VCs and companies IPOs. VCs accelerate the IPOs of innovative SMEs, and in turn the IPOs of innovative SMEs boost the returns of VCs in the short run. Such my- opic behavior does not enhance the overall quality of the companies, reflecting problems in the development of China＇ s VC industry.