Abstract: This paper takes A-share IPO enterprises from 2000 to 2016 as the research sample, and empirically tests the influence of venture capital stage selection on enterprise innovation ability.The results show that: the venture capital stage selection has no significant impact on the innovation output of enterprises three years after listing, which indicates that the influence of venture capital on enterprise innovation is not reflected in the difference of innovation ability after listing, but the cultivation effect of venture capital on enterprise innovation ability at the entry stage of venture capital;The earlier the venture capital enters into the stage, the stronger the cultivation of enterprise innovation ability is; to alleviate the differences in financing constraints and management shortsightedness is an important mechanism for venture capital stage selection to affect enterprise innovation.Further research on the influence factors of venture capital stage selection shows that the improvement of social network strength and the relief of fund-raising pressure can significantly enhance the early preference of venture capital.The conclusion shows that financial subsidies should be strengthened, early venture capital should be encouraged, and the exchange and cooperation platform of venture capital should be built to ease the financing constraints of early enterprises and the short-sightedness of management, so as to enhance the early preference of venture capital institutions.

Key words: venture capital stage selection, enterprise innovation capability, transmission mechanism, influence factors