This paper analyses the causality between venture capital and innovation using panel data methods of China＇s 24 provinces from 1997 to 2008.In the test method,we use panel unit root,panel co-integration and panel Granger causality test.The empirical results show that venture capital and patents are the one order variables.Co-integration test results show that Pedroni test,Johansen Fisher test and Kao test are significant,indicating between venture capital and innovation variables exists a long-term stability equilibrium relationship.Granger causality test based on error correction model results show that both in the short or long term,there are venture capital to innovation by the one-way causal relationship,which proves the ＂venture capital ahead of innovation＂ hypothesis,but on the other hand,we have not found ＂innovation ahead of venture capital＂ in the short and long term clear evidence.%本文采用面板的Granger因果检验,对1997-2008年间我国24个省市自治区风险投资与创新之间因果关系进行的实证研究结果表明,风险投资和专利授权均是一阶单整变量;且Kao检验、Johansen Fisher检验和Pedroni检验的协整检验结果也十分显著。这不仅说明了风险投资和专利授权变量间存在长期稳定的均衡关系,而且还验证了＂风险投资先于创新＂假说的成立。但却没有发现＂创新先于风险投资＂的显著证据。
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