近年来，随着风险资本国际化的趋势，跨境风险投资对新兴市场的投资成了学术界关注的热点。在跨境投资的过程中，境外的风险投资机构会面临一系列的成本，其中，最为显著的就是地理距离、文化差异和制度环境的不同所带来的代理成本。本项目搜集整理了1993-2014年共4755个投资案例，借鉴战略管理和组织行为学的相关理论，试图在中国独特的政治经济环境下，探究文化差异所引起的沟通成本和代理问题以及跨境风险投资的制度学习能力对跨境风险投资投资决策和行为的影响，研究关系和信任在跨境风险投资联合投资伙伴选择与治理机制中的作用，这对于中国风险投资市场的发展具有十分重要的现实意义。

In recent years, with the internationalize tendency of venture capital, cross-border venture capital investment in emerging markets has been the focus of scholars attention. While international investing has advantages, it can also increase risk manifold when VC firms invest in foreign countries. The unfamiliar environment and lack of awareness of local cultural and social practices, amplify the already substantial agency problems. China is a particularly interesting laboratory for studying the relationship between foreign and domestic VC investors, as its legal, financial, and social systems are significantly different from that of nearly any other major economy. We analyze a comprehensive data set of 4755 portfolio companies from China, and include cultural distance and institutional learning in the scope of study, and try to prove how cultural differences affect VC performance? And, in view of cultural and institutional differences, how important is the role of Guanxi and trust in the process of partner selection and syndication governance.