中文摘要：

本文主要目的是探讨跨境风险投资机构在中国市场的本土化经验是否影响跨境风险投资的绩效表现。基于对1985~2011年的1852个已经退出的风险投资项目数据的分析,本文比较了跨境风险投资与本土风险投资退出项目收益率差别,用T检验进行统计验证。并且在先前学者提出的外资风险投资机构人力资本衡量方法的基础上,改进提出了对跨境风险投资在中国市场的本土化经验的衡量方法,分别是在中国市场从业时间、投资领域/行业的专业经验,与本土创业联合投资网络经验。研究结果表明,跨境风险投资机构在中国某一行业/领域投资的次数越多,积累的中国本土的相关行业/领域的经验越多,项目的收益率越高。同时,项目的规模、投资阶段、投资周期、退出方式和地区对跨境投资的收益率有一定影响。

英文摘要：

This paper investigates the determinants of cross-border venture capital （VC） performance in the china market. The main purpose is to explore whether the localization experience is crucial to cross-border venture capital performance. By analyzing 1852 venture capital cases with available IRR data from 1985 to 2011, we investigate the performance of the cross-border venture capital, compare the IRR difference between the cross-border venture capital and local venture capital exit project, using T-test for statistical verification. Based on foreign venture capital＇s human capital measure method by scholars study, we improved the method to measure localization experience for cross-border venture capital in the Chinese market, which is divided into three measurable dimensions： the age of investment time in the Chinese market, local industry/sector experience, and local syndication network experience. The empirical results show that the more investment of cross-border venture capital firm is involved in a certain industry / field, the more local industry experience will be accumulated, then the greater probability of better performance. Meanwhile, the scale of the investment, investment stage, investment cycle, exit ways and Portfolio Companies＇ location are the determinants of cross-border venture capital performance in the china market.