中文摘要：

近年来，我国拟上市公司引入风险投资的现象日益普遍，但已有文献很少基于制度背景研究风险投资的引入动机．基于我国股票发行核准制的特殊背景，首次从风险投资提高IPO成功率和进程效率的角度揭示了我国拟上市公司有别于成熟市场中企业的风险投资引入动机．研究发现，风险投资入股不仅提高了被投资公司IPO首次申报的过会概率，而且缩短了其IPO进程的总耗时和过会时间；风险投资对IPO过会概率和耗时的影响主要由高声誉风险投资引起，而风险投资的持股比例、所有权性质和是否联合入股对过会概率、IPO进程时间未产生影响或影响一致．

英文摘要：

In recent years, more and more pre-IPO companies are absorbing venture capital （VC）, but few literatures studied the motivation of introducing VC from a perspective of institutional background. Based on the specific background of stock issuance examination and approval system in China, this paper reveals, for the first time, the Chinese pre-IPO companies＇ motivation of absorbing VC from the dimension of the VC advan- cing the probability of IPO success and the efficiency of the IPO process, which is different from the corre- sponding motivation of firms in developed markets. The evidences show that the VC not only significantly ad- vances the CRSC＇ s approval probability of the backed firm＇ s IPO application for the first time, but also short- ens the duration of the whole IPO process and duration of CRSC＇ s approval of IPO application, that these effects are mainly caused by the high reputation VC, and that other VC characteristics such as shareholding ra- tio, ownership, and number of VCs in a company, have no or inconsistent effects on the approval probability of IPO application and durations of the IPO process.