风险投资机构人力资本与投资绩效-journalofnortheasternuniversity.pdf

第33卷第11期 东 北 大 学 学 报 ( 自 然 科 学 版 ) Vol. 33, No. 11 2 0 12 年 11 月 Journal of Northeastern U ni ersity( Natural Science) N o . 2 0 1 2 1 1 2 2 李 严, 庄新田, 罗国锋 , 马世美 ( 1. , 110819; 2. , 066004) : , , , , , , 5893% ; , , : ; ; ; ; ; : C 93 : A : 1005-3026( 20 12) 11- 1660-05 Human Capital and Investment Performance of Venture Capital Firms Mediating and Moderating Effects of In estment Strategies 1 1 2 2 L I Yan , ZH UAN G X in-tian , L UO Guo-f eng , MA Shi-mei ( 1. School of Business Administration, Northeastern Uni ersity, Shenyang 110819, China; 2. Northeastern Uni ersity at Qinhuangdao, Qinhuangdao 066004, China. Corresponding author : LI Y an, E-mail: dbdxly @ 163. com) Abstract: Based on the postulated mediating effect of early stage in estment and moderating effect of syndication, this paper discussed the impacts of enture capital firms human capital on in estment 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 positi e relationship betw een human capital and in estment performance therein the early stage in estment pro ides partial mediating effect, and the indirect effect amounts to 5893%. Besides, syndication can ser e as a moderator betw een human capital and early stage in estment as w ell as betw een human capital and performance. With the increase of syndication, the former relationship is enhanced,