In recent years, more and more pre-IPO companies are absorbing venture capital (VC), but few literatures studied the motivation of introducing VC from a perspective of institutional background. Based on the specific background of stock issuance examination and approval system in China, this paper reveals, for the first time, the Chinese pre-IPO companies’ motivation of absorbing VC from the dimension of the VC advancing the probability of IPO success and the efficiency of the IPO process, which is different from the corresponding motivation of firms in developed markets. The evidences show that the VC not only significantly advances the CRSC’s approval probability of the backed firm’s IPO application for the first time, but also shortens the duration of the whole IPO process and duration of CRSC’s approval of IPO application, that these effects are mainly caused by the high reputation VC, and that other VC characteristics such as shareholding ratio, ownership, and number of VCs in a company, have no or inconsistent effects on the approval probability of IPO application and durations of the IPO process.