As a structural supplement to the existing financial system， venture capital plays a significant role in the financing and development of entrepreneurial enterprises. It selected the venture capital events that occurred in China in the ten years from 2008 to 2017 as a sample to build a joint investment network， and studied the influence of network location and status of venture capital institutions on venture capital stage selection. The empirical results show that venture capital institutions with higher network centrality and more structure holes move their investment stage forward， that is， they prefer to invest in start-ups at the early stage. The higher the status of venture capital institutions， their investment stage distribution move more backward， that is， more preference to invest in the mature stage of entrepreneurial enterprises. Network centrality adjusts the relationship between status and the average investment stage. When the network centrality increases， the role of status in the average investment stage is weakened. Finally， investment advice was given for the venture capital industry in China.