Abstract: In the process of growth, technology enterprises lack of mortgage assets and tend to choose equity financing to raise funds for innovation projects.Based on the continuous observation data of Zhongguancun enterprises from 2005 to 2015, combining with the characteristics of panel data, this paper conducts the trend score matching by year, and tests the effect and mechanism of listed financing, venture capital and unlisted equity financing on enterprise innovation support.The empirical results show that: equity financing effectively stimulates enterprise innovation; in small-scale enterprises, start-up enterprises or enterprises without government subsidies, equity financing has significant incentive effect on innovation;among the three kinds of equity financing, only venture capital supports innovation by alleviating the financing constraints of R&D projects; the incentive mechanism of venture capital for enterprise innovation is mainly reflected in large-scale enterprises, mature enterprises, enterprises with bank loans or government subsidies.The research shows that, as a market-oriented means of science and technology resources allocation, venture capital tends to choose and cultivate mature enterprises or enterprises with innovative resources to promote innovation; while for start-up enterprises with relatively insufficient innovation resources, they should give full play to non market-oriented means to promote equity investment forward.

Key words: equity financing, equity financing of non listed companies, venture capital, IPO, Zhongguancun