中文摘要：

本文通过分析470家创业投资机构在1999--2008年间对10个行业的投资决策，发现以创业投资支持的行业IPO数来衡量的公开市场信号显著地影响了创业投资机构的投资决策，且行业经验越丰富的创业投资机构对公开市场信号变化的敏感性越强。在此基础上，通过考察这些创业投资机构在此期间的1648条投资记录的绩效，发现行业经验作为创业投资机构的重要人力资本能够有效地发现公开市场信号带来的投资机会，提高投资绩效。

英文摘要：

This paper analyzes the investment decision of 470 venture capital firms in 10 industries during 1999--2008. We find that the public market signal, as measured by the venture capital-backed industry IPOs, positively affects industrial investments. We also find that venture capitalists with more industrial experience invest more under a favorable pubic market signal. We further investigate the efficiency of venture capitalists＇ reactions to public market signals using a sample of 1 648 investment deals. We find that industrial experiences, a key human capital factor, are helpful in identifying investment opportunities from public market signals and in improving investment performance.