Venture capital (VC) institutions will need to be innovative on the governance based on the principle of encouraging investment and prevention risk. The system innovation of operating structure determines the accommodation of industrial development and operations, thus affecting the industry development process. Analyzing the adaptability of the VC governance principles and the organizational form, it should facilitate the institutions in VC area to improve operational efficiency, reduce operational risk. In the realistic legal environment, the corporate and limited partnership are the main organizations in the VC area, depend on the different characteristics of the each operating modes.