利用基于风险投资案例和专利申请与授权的中国省际面板数据，研究了风险投资对区域技术创新产出的促进作用和风险投资在“研发投入—创新产出”转化过程中的创新质量甄别效应。研究发现：（1）风险投资促进了中国区域技术创新产出，并呈现出滞后效应和“倒U型”趋势，其在滞后二期和三期显著性水平和创新效果达到最优；（2）风险投资对经济和科技欠发达的西北与东北地区创新产出促进效果最佳，而对经济和科技较发达的东部和中部地区创新产出促进作用不明显；（3）风险投资甄别了创新产出的质量，其有效抑制研发投入转化为以外观设计和实用新型为代表的低质量创新产出，而积极促进研发投入转化为以发明专利为代表的高质量创新产出。

Utilizing China's inter-provincial panel date based on venture capital investment cases and patents, this paper studies the promoting effect of venture capital on regional technological innovation output as well as the technological innovation screening effect of venture capital in the process of “R&D Input - Innovation Output” transformation. The study finds that (1) venture capital boosts China’s regional technological innovation output, and its promoting effect which shows a lagged and inverted U tendency reaches the highest level of significance and innovation effect in one and two-period lag; (2) venture capital has an optimal innovation promoting effect on northwest and northeast regions which are economically and technically under-developed, but does not significantly enhance the innovation output of eastern and middle regions which are economically and technically developed; (3) venture capital plays a screening role in terms of innovation output quality, which effectively restrains the low-quality innovation output represented by design patents and utility model patents but positively enhances the high-quality innovation output represented by invention patents.