跨境投资在全球风险投资（VC）实践中越来越普遍，而VC与企业创新的关系是创新金融的研究热点。本项目立足于实践发展与理论热点，从三个理论视角研究中国本土VC境外投资对中国本土企业创新的影响机理。首先，基于关系闭合视角，研究中国本土VC境外投资对中国本土企业与境外企业合作研发以及中国本土VC与境外VC联合投资中国本土企业的影响，以及由此对中国本土企业创新的影响。其次，基于组织学习视角，研究中国本土VC境外投资对其自身投后监督以及自身失败容忍度的影响，以及由此对中国本土企业创新的影响。再次，基于资源获取视角，研究中国本土VC境外投资对获取技术资源、人力资源、金融资源的影响，以及由此对中国本土企业创新的影响。最后，从管理团队、项目选择、投资方式、投后监督等方面，研究推动中国本土企业创新的中国本土VC境外投资策略。本项目拓展了VC与企业创新关系的研究思路和边界，对VC跨境投资和企业创新有借鉴意义。

Cross-border venture capital (VC) investment is widespread globly nowadays in practice, while the relationship between VC and enterprise innovation is a lastingly hot topic in academics of innovation finance. On the foundation of practical and theoretical development, this project studies the mechanism of the impact of Chinese domestic VC cross-border investment on innovation of Chinese domestic enterprises from three theoretical perspectives. From the perspective of relationship closure, firstly, this project studies the impact of Chinese domestic VC cross-border investment on the R&D cooperation between Chinese domestic enterprises and foreign enterprises, and the impact of the syndication investment between Chinese domestic VC and foreign VC in Chinese domestic enterprises, as well as the consequent impact on the innovation of Chinese domestic enterprises. From the perspective of organizational learning, secondly, this project studies the impact of Chinese domestic VC cross-border investment on its own post-investment monitoring and on its own failure tolerance, as well as the consequent impact on the innovation of Chinese domestic enterprises. From the perspective of resource acquisition, thirdly, this project studies the impact of Chinese domestic VC cross-border investment on the acquisition of technical resources, human resources and financial resources, as well as the consequent impact on the innovation of Chinese domestic enterprises. Finally, this project studies the cross-border investment strategy of Chinese domestic VC from the aspects of management team, project selection, investment mode and post-investment monitoring to promote the innovation of Chinese domestic enterprises. This project expands the research paradigm and boundary of the relationship between VC and enterprise innovation and provides pratctical references for VC cross-border investment and for enterprise innovation.