随着我国2004年中小板的创立和2009年创业板的开启,风险投资产业飞速发展。本文以创业板上市公司网宿科技为案例,通过分析风险投资引入及IPO前后各种指标的变化,间接阐释风险投资对公司治理、企业业绩、成长能力等方面的综合影响。通过分析得出结论:风险投资总体上有利于企业的治理、绩效和成长。通过对“网宿现象”的进一步讨论,得出上述作用发挥的长期性以及我国资本市场的不完善性的启示。 With the establishment of China’s 2004 SME board and the opening of the 2009 GEM, the venture capital industry has developed rapidly. This paper takes the case of ChinaNetCenter, a company listed on ChiNext, as a case study. It analyzes the changes in various indicators before and after the introduction of venture capital and IPO to indirectly explain the comprehensive impact of venture capital on corporate governance, corporate performance, and growth capabilities. Through analysis, it is concluded that venture capital generally benefits corporate governance, performance and growth. Through the further discussion of “net lodge phenomenon”, the long-term effect of the above-mentioned functions and the enlightenment of China’s imperfect capital market are drawn.