As for innovative projects with high profit, the innovative enterprises can solve their reverse selection problem in their collaborative innovation with venture funds via signal transmission, i.e., the innovative projects with high profit are separated from the ones with low profit by the design of valuation adjustment mechanism （VAM）. When the highest profit received by an innovative project is relatively bigger or the probability for harvesting the highest profit is relatively higher or the investment proportion of innovative enterprises is relatively lower, the innovative enterprises can boost the collaborative innovation with venture funds by VAM. The optimal VAM of the innovative enterprises is to regard the highest earnings rate of their projects as the target earnings rate of VAM, to give up the participation in the profit distribution if the target earnings rate can not be reached and to request the venture funds for transferring the related profit distribution rights if the target earnings rate is not reached so as to make up the loss because the target can not be reached under the adverse market environment.