The effects of venture capital on enterprise IPO are mainly concentrated in two aspects that are certification supervision and signal transfer effect. Many foreign scholars who used the empirical data of developed capital market found that price discount of entrepreneurs supported by venture capital is lower than entrepreneurship-a startup company unsupported by venture capital. However, some Chinese scholars through using empirical data of Growth Enterprises Market find: whether venture capital participating in enterprise or not, IPO discount rates do not differ significantly. Based on operation structure of China’s securities market, using the signal game and two stage game model, this paper explores deep reason for the weak effect of initial certification supervision to Chinese venture investment in IPO.