风险投资机构人力资本与投资绩效——投资策略的中介与调节效应

利用中国风险投资机构数据,将投资策略中的早期投资作为中介变量,联合投资作为调节变量,研究了风险投资机构人力资本对投资绩效的影响途径.采用回归分析和结构方程模型方法分别对中介效应和调节效应模型进行实证检验.结果表明,风险投资机构人力资本对投资绩效具有积极影响,而早期投资在其中起到部分中介作用,其间接影响效应达到58.93%;联合投资对人力资本与早期投资、人力资本与联合投资的关系均起到调节作用.其中,人力资本对早期投资的影响随联合投资程度的提高而增强,而人力资本对投资绩效的促进作用随联合投资程度的提高而减弱.

Human Capital and Investment Performance of Venture Capital Firms -- Mediating and Moderating Effects of Investment Strategies

Based on the postulated mediating effect of early stage investment and moderating effect of syndication, this paper discussed the impacts of venture capital firms' human capital on investment performance by using Chinese VCFs' data. Regression analysis and structural equation model were used to test the models of mediating and moderating effects. The results indicated that there is a positive relationship between human capital and investment performance therein the early stage investment provides partial mediating effect, and the indirect effect amounts to 58.93%. Besides, syndication can serve as a moderator between human capital and early stage investment as well as between human capital and performance. With the increase of syndication, the former relationship is enhanced, while the latter one goes down.