文章以中国48家活跃的创业投资机构为对象,从一般和特殊人力资本两个层面探究创业投资机构高层管理团队的教育和经验对投资绩效的影响.研究基于人力资本和资源基础理论,构建多变量回归模型并采用分层回归和典型相关分析方法进行分析.

Whether the investment strategy is related with performance has long been controversial.This study explores the effects of strategies such as specialization,syndication and staged financing on the investment performance by evaluating data of 84 Chinese VCFs with multiple regression models.The result indicates that specialization in specific stage positively affects the performance,while both staged financing and syndication show negative relationship with performance.The result also suggests that the rate of success may be improved when VCFs specialize in the industry that the enterprise belongs to.Our research is beneficial to the optimization of investment strategies and to couple the VCFs and enterprise.

Based on the postulated mediating effect of early stage investment and moderating effect of syndication, this paper discussed the impacts of venture capital firms' human capital on investment performance by using Chinese VCFs' data. Regression analysis and structural equation model were used to test the models of mediating and moderating effects. The results indicated that there is a positive relationship between human capital and investment performance therein the early stage investment provides partial mediating effect, and the indirect effect amounts to 58.93%. Besides, syndication can serve as a moderator between human capital and early stage investment as well as between human capital and performance. With the increase of syndication, the former relationship is enhanced, while the latter one goes down.

Investment strategies in Venture Capital(VC) firms closely relates to the human capital of top management team(TMT).This research selects TMT′s investment strategies and Institutional investment events of 143 Chinese VC firms as samples and explores the decision-making preference of VC firms on investment stage,industry and geographic scope by considering the difference of risk perception of TMT members with different education background and experiences.According to upper echelons theory and risk perception,this research propose and examine 5 pairs of hypothesizes by multivariable regression.The results revealed that VC firms with higher proportion of TMT members who have entrepreneurial or international,finance or consulting experiences are more likely invest firms which are in an early stage.Furthermore,TMT members with more science/engineering education or consulting experiences show specialization at industries.Finally,TMT members of VC firms have more international and consulting experiences or the less science/engineering education,are prone to invest firms in broader investment areas.