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By analysing a comprehensive dataset of small and medium-sized firms in China’s third-tier equity market, the National Equities Exchange and Quotations (NEEQ), we demonstrate that compared to the syndicated investment led by GVC, those GVCs playing a facilitating role have a more significant effect on boosting innovation firms' success in NEEQ. We identify three ways syndications help firms graduate to main stock markets: improving resource allocation, enhancing innovation quality, and lowering agency risk. Further investigation based on a quasi-natural experiment indicates that GVC-facilitating syndication impacts are more pronounced after adopting the Government Investment Regulation in 2018. • It analyzes the impact of syndicated investments involving governmental and private VCs on China's innovative companies . • Governmental venture capital (GVC) in a facilitating role significantly boosts success compared to GVC-led syndicates. • Three mechanisms are identified: improved resource allocation, enhanced innovation quality, and reduced agency risk. • The positiveGVC-facilitating syndications' impact became more pronounced following China's Government Investment Regulation .",[11,12,13,14],"Xia, Zhoubo","Hua, Xiuping","Wang, Yong","Peng, Jiadong",[16,16,17,18],null,"0000-0003-4029-4018","0000-0002-3227-9929",2025,"https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.ribaf.2025.102807","W4407696335","Research in International Business and Finance",[24,25,26,27,28,29,30,31],"Venture 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