中文摘要：

以2012年12月31日之前具有风险投资背景的433家A股上市公司为研究对象，实证检验了风险投资机构的专业化投资策略对其退出时投资绩效的影响以及影响机理。研究发现，VC机构的行业或地域专业化投资策略对投资绩效具有显著的提升作用，而阶段专业化投资集中度对投资绩效无显著影响。关于专业化投资策略对投资绩效的作用机理，一方面，专业化投资策略对投资绩效的正面影响不仅仅是由与专业化投资策略相关联的风险因素所引起的，VC机构因采取专业化投资策略而积累的专业化投资经验和技能也是提升投资绩效的重要原因；另一方面，VC机构专业化投资策略的事前选择功能和事后价值增加功能在提高投资绩效方面具有相互补充的作用。

英文摘要：

Based on the data of 433 Chinese listed companies with VC background, we explore the impact and mechanism of specialization investment strategies on VC investment performance. The results show that industry or geography specialization investment strategy has positive effect on VC investment performance, while stage specialization investment strategy has no significant impact on VC investment performance. We also find that the positive impact on VC investment performance is not only caused by the risks asso- ciated with specialization investment strategies, but also by the specialized investment experience and skills of VCs due to taking specialization investment strategies.