基于2003-2012年省级面板数据，利用非参数协方差矩阵估计法，探究风险投资、资本项目开放对区域全要素生产率的影响，研究发现：风险投资与全要素生产率之间存在显著的正相关关系，但不同类型的风险投资对全要素生产率的影响、效率及作用机制存在异质性。其中，外资风险投资主要通过推动地区技术进步来提高区域全要素生产率；民营风险投资主要通过改善地区技术效率来提高区域全要素生产率；而国有风险投资不能有效的改善区域全要素生产率。QFLP、RQFLP等资本项目开放政策能够推动地区技术进步，对区域全要素生产率有稳定的正向影响，但对风险投资与区域全要素生产率之间的关系存在负向的调节效应。因此，应审慎的推进资本项目开放，同时注意优化风险投资结构和空间配置状态

This paper investigates the impacts of venture capital investments (VCs) and capital account open on regional total factor productivity (TFP) using the non-parametric covariance matrix estimator on a region-level dataset from 2003 to 2012. Considering the heterogeneity of venture capitalists, we find that the impacts and its dynamics of foreign vs. state-owned vs. private VCs on regional TFP are heterogeneous. In particular, the foreign VCs can significantly boost regional TFP through promoting technological progress, the private VCs can significantly spur regional TFP by improving technical efficiency, while state-owned VCs has no significant impact on regional TFP. Although capital account open policies are significantly associated with high rates of regional TFP growth, it reduces the marginal efficiency of gross VCs on improving regional TFP. The structure and spatial allocation of national venture capital market should be optimized in the future.