This dissertation explores the influence of corporate venture capital (CVC) on the innovation of startups. Applying the ordinary least squares (OLS) regression and propensity score matching approach to the CVC investment data on China’s listed companies, we document that the CVC investment can determine the innovation level of startups.For further insight, invention patents and utility patents will be considered, in addition to a separate examination of the number of patent applications and patent grants. It is found that CVC participation, the number of CVC syndicate investors, and the level of CVC involvement, all have significantly positive effects on the total patent applications, total patent grants, utility patent applications, and utility patent grants in those listed startups after four years of their Initial Public Offering. However, CVC investments have no significant influence on the number of invention patent applications and patent grants. This result indicates that the influence of CVC investments on the innovation level of startups is still in the preliminary stage, and CVC investments only slightly affect the development of more challenging invention patents. / Business Administration/Finance