Based on PSM method, this paper analyzes the effect of venture capital and its ownership characteristics on stock price crash risk from the risk perspective. The results show that the future stock price crash risk of venture capital backed firms is lower than non-venture capital backed firms. Furthermore, the results also show that the controlling attribute of venture capital can strengthen the monitoring effect of venture capital and the syndication attribute of venture capital can mitigate the monitoring effect of venture capital. Finally, the mechanism analysis finds that venture capital plays a monitoring role on stock price crash risk by agency cost channel not by information channel. In conclusion, the results make clear that venture capital has played an effective monitoring function, not grandstanding function for listed firms in Chinese capital market.