本文选择2010年至2014年间深交所上市的企业作为研究样本,对风险投资和我国上市企业投资不足行为之间的关联性进行了分析研究,研究结论如下:因为信息不对等情况下存在着融资约束,企业内部现金流缺口和投资不足有着显著的正向关联性;风险投资有助于缓解信息不对等情况,对于企业内部现金缺口和投资不足之间的负向关联性有着一定的减轻效果;相较于低市场化进程地区,市场化进程较高的地区,企业风险投资对企业内部现金短缺和投资不足的关联性影响更弱;而相较于低法治水平地区,法治水平较高的地区,企业风险投资对内部现金短缺和投资不足的关联性影响也相应较弱。 This article chooses the enterprises listed on the Shenzhen Stock Exchange between 2010 and 2014 as the research sample, and analyzes the correlation between the venture capital investment and the underinvestment of listed companies in our country. The conclusions are as follows: Because of the financing constraints , The internal cash flow gap and under-investment have a significant positive correlation; venture capital can help to alleviate the situation of information asymmetry, and have a certain mitigating effect on the negative correlation between the cash gap and under-investment in the enterprise; Compared with the low marketization region and the high marketization region, the venture capital investment has a weaker impact on the relevance of the cash shortage and underinvestment in the enterprise. Compared with the regions with low level of the rule of law and high level of the rule of law, The impact of corporate venture capital on the internal cash shortage and underinvestment is correspondingly weaker.