中文摘要：

基于社会网络理论，考察风险投资网络位置对创业板IPO公司成长性和创新投入的影响。研究发现，风险投资网络位置提升了创业板IPO公司的成长性，促进了创新投入，进一步的研究结果表明，风险投资网络位置通过创新投入对企业的成长性提升起中介作用。

英文摘要：

Based on Social network theory ,this paper investigates the effect of venture capital syndication on the growth of GEM IPO firms and innovation expenditure .We find that the more important location of venture capital in syndication , the higher grow th after IPO and the more expenditures on innovation .And the further study show s innovation expenditure is one of mediator mechanism of the effect of venture capital syndication on the grow th of GEM IPO firms .