中文摘要：

利用2011-2015年中关村科技园科技创业企业的统计数据,以销售收入、利润率和存活率三个不同指标测度了海归与本土企业的绩效差异。首先使用倾向评分匹配法将特征相似的海归和本土企业进行配对,进而采用回归分析实证检验了海归对创业绩效的影响及企业法人代表的受教育水平和企业的研发投入两类知识资本的调节作用。结果显示,海归企业的三个绩效指标均显著低于本土企业,高学历和高研发投入均会削弱海归对创业绩效的负向作用。这表明海归在融入本土情境方面的不足影响了其创业绩效的提升,而知识资本能在一定程度上弥补海归的＂外来者劣势＂。

英文摘要：

In this paper,we examine performance differences between new ventures led by returnees and those led by locals. We find that returnees have negative effect on venture performance,while knowledge capital measured by the education level of legal representative and RD investment can mitigate the negative effect caused by ＂liability of foreignness＂.