中文摘要：

受新进入缺陷的制约，中小高科技企业面临成长的困境．本文利用多案例探索性研究，挖掘了创业投资机构的介入是如何影响中小高科技企业有效嵌入所在的创新网络环境，以及如何驱动其网络地位的提升．主要研究结论如下．①当中小高科技企业与创业投资机构合作时，创业投资机构的一些特征，如行业专业化程度、声誉，会影响利益相关方对中小高科技企业的价值判断，产生声誉信号．②与声誉较高的创业投资机构合作，所产生的声誉信号源于第三方机构的认证，会迅速失效，难以帮助企业克服新进入缺陷；专业化程度较高的创业投资机构通过培育企业的技术和核心竞争力，可以使企业质量表现、运营业绩相关的声誉信号持续加强，有利于企业生存和发展．③声誉信号的传递会吸引更多社会资本跟投，正向影响网络结构嵌入程度．

英文摘要：

Restricted by the liability of newness, more small and medium hi-tech enterprises are facing the dilemma of growth. It analysed, by using multi-case study, how the venture capital institutions affect the embedding of some small and medium hi-tech enterprises in the innovation network, and how to improve their status in this network. Conclusions are as follows . Firstly, when the small and medium hi-tech enterprise cooperate with the venture capital institutions, some features of the latter, such as industry specialization and reputation, will affect the value judgnent of related or- ganization, then bring about the reputation effects. Secondly, the reputation effects come from the cooperation with hi- reputation venture capital institutions will need the identification of the third-party institution, so it won＇t last long e- nough to help the enterprise get over the new entry defects. But cooperation with venture capital institutions with high industry specialization can enhance the reputation effects constantly and improve the growth of this enterprise. Thirdly, the transmission of reputation effects can attract more social capital and investments, so to affect the embeddedness of enterprises in the innovation network positively.