不同于国内现有研究主要以创业板和中小板上市公司为对象，本项目拟考察风险投资对小微企业技术创新的作用机制和影响效果，在对增值服务这一现有文献普遍强调的风险投资的主要功能进行研究的基础上，着重考察风险投资对小微企业的盘剥效应，论证和提出盘剥效应的测度模型并分析其对小微企业创新的作用机制；在此基础上，借鉴Dessi and Yin(2014)的单机制模型，构建融合增值服务和盘剥效应的双边道德风险-双重任务综合模型，藉此研究风险投资对小微企业创新的双路径作用机理以及风险投资的异质性对这种作用机理的调节机制，进而采用倾向性得分匹配与倍差估计量技术（PSM+DID）对风险投资的内生性进行控制并对理论结论进行实证检验；根据理论模型揭示的作用机理，本项目拟构建风险投资与中国小微企业技术创新能力的政策仿真模型，以该类企业的创新目标和计划作为基本标准，论证并提出达到目标值的相关政策优化组合。

Differing from the existing literature that focuses on businesses listed on the growth enterprise board and small and medium enterprises board, this project investigates the mechanism and impact of venture capital on the technology innovation of small and micro businesses. In addition to examines how the value-added service function of venture capital affects businesses’technology innovation capacity, this project pays particular attention to small and micro businesses and investigates the expropriation effect of venture capital. It will propose theoretical models to measure the expropriation effect of venture capital and to explore its determinants. Moreover, after extending Dessi and Yin’s (2014) single mechanism model, this project will construct a dual moral hazard and dual task model that balances the effects of the value-added services and expropriation functions of venture capital. The model enables us to investigate the dual path mechanism and the impact of the heterogeneity of venture capital on this dual path mechanism. The model is then examined empirically using difference-in-difference and propensity score matching techniques to control the endogeneity of venture capital. Based on our theoretical model of dual path mechanism, this project will propose policy simulation models for small and micro businesses to identify optimal policy combinations that optimize these businesses’ technology innovation capacity, thereby provide policy recommendations for policy maker to foster innovations