In the context of preventing and mitigating major risks, it is of great significance to explore how venture capital can alleviate enterprises’ short-term loans for long-term investment. Taking listed companies on the Shanghai and Shenzhen A-share markets from 2010 to 2023 as research samples, this paper empirically examines the impact of venture capital holdings on enterprises’ short-term loans for long-term investment. The study finds that venture capital holdings can effectively alleviate the extent of enterprises’ short-term loans for long-term investment. Mechanism tests indicate that venture capital can play a role in value-added services and supervisory control, inhibiting enterprises’ short-term loans for long-term investment by improving the availability of long-term loans and curbing over-investment. Combined with the characteristics of venture capital, the study finds that venture capital with higher participation, higher reputation, and syndication can strengthen the inhibitory effect on enterprises’ short-term loans for long-term investment. Heterogeneity analysis reveals that in enterprises with lower information transparency, lower corporate governance levels, and lower regional bank competition, the inhibitory effect of venture capital on enterprises’ short-term loans for long-term investment is more significant. The research conclusion expands the research scope of the venture capital field and the short-term loans for long-term investment field, provides a reference for Chinese enterprises to alleviate the problem of short-term loans for long-term investment, and provides empirical evidence for the continuous and vigorous development of venture capital in China.