中文摘要：

结合未上市中小企业的211份调查问卷数据以及部分手工收集的数据,研究了创业投资对企业成长的影响作用。实证结果表明,创业投资对未上市中小企业成长具有显著正向影响,但是创业投资的联合投资对企业成长有显著负向作用。中国创业投资通过提升未上市中小企业的管理能力,提高企业整合供应链能力,最终促进企业成长。在这一路径中,创业投资持股比例、外资创业投资的管理提升中介效应显著。创业投资与企业冲突不明显,关系较为融洽。

英文摘要：

The study examines the effect of Chinese venture capital on firms＇ growth based on survey and partly hand-collected data on 211 private SMEs. The empirical results show that venture capital has significant positive impact on firms ＇ growth, but venture capital syndication has significant negative effect on firms ＇ growth. Venture capitals help integrate supply chain and improve the ability of management to promote pri- vate SMEs growth. And the mediating effect of venture capital＇s shareholding ratio and foreign venture cap- ital is significant in the effect of venture capital on firms ＇ growth. The conflicts between venture capital and entrepreneurs are inconspicuous while the relationship is harmonious.