中文摘要：

本文基于展望理论探讨过往绩效与公司风险投资的关系，接着从威胁一刚性理论出发讨论高管政治网络——经济转型背景下对企业具有特殊意义的一类社会网络——对于过往绩效与公司风险投资关系的影响。研究发现：（1）过往绩效对于公司风险投资的影响是负向的；（2）高管政治网络对上述两者的关系具有显著的正向调节作用。这一结果表明单一的理论视角难以全面解释公司风险投资的动因，将展望理论与威胁一刚性理论结合能增进我们对这一现象的理解。本文探索了展望理论的边界条件，并深化了展望理论在组织层面研究中的运用。

英文摘要：

Building upon the prospect theory, the relationship between firm＇ s past performance and corporate Venture Capital （VC） is examined. Following the threat - rigidity theory, the moderating effect of top management＇ s political networking - a distinct and critical type of social network in the context of transition economy - on the past performance - VC link is explored. The results show that （ 1 ） past performance has negative effects on VC ; （2） top management＇ s political networking positively moderates the relationship between past performance and VC. The findings indicate that （ 1 ） single theoretical perspective is insufficient to fully explicate the antecedents of VC; （2） by integrating the prospect theory with threat -rigidity theory, VC phenomenon could be further understood. The boundary of the prospect theory is explored and extended to the organization -level research.