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Abstract Using data of the listed companies in Growth Enterprise Market, it tests the impact of governmental venture capital(GVC) on technological innovation. The results show as follows: GVC has positive effect on R&D investment, but it shows significant adverse choice for innovation output; the nonGVC cannot promote R&D investment and it has significant negative effect on R&D investment for listed companies. From the perspective of equity structure， governmental controlled venture capital shows significant adverse choice whereas governmental capital shareholding venture capital promote R&D investment. From the participation degree of the GVC to the invested enterprise, the shareholding proportion cannot significantly affect the innovation, but the participation of the board of directors in the corporate governance has a significant impact on the enterprise innovation.
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