Abstract: It is indicated in the investigation, by taking as sample 483 small and medium board IPO companies from 2008 to 2014 and dividing venture capital into that with government background, enterprise background and independent background based on the different source of funds, on the influence of venture capital heterogeneity on IPO prior to earning management that the degree of IPO prior to earning management for those enterprises with none of the venture capital is greater compared to those with venture capital. And this result gives support to the supervision and authentication hypothesis of venture capital in the course of IPO, and it is found in the further research on the venture capital heterogeneity that the degree is lower to that of IPO prior to earning management in venture capital supported enterprises with government background and is higher to that with independent background, and is less influenced obviously to that with enterprise background.