创新是经济持续增长的重要驱动，建设成为创新型国家是我国经济和社会发展的重要战略。大量研究表明创业投资有利于促进企业自主创新、调整产业结构和转变经济增长方式。随着世界经济一体化趋势的增强，跨国VC在全球特别是新兴市场占有相当大的比例，并发挥着日益重要的作用。我国作为世界上最大的VC输入国和最大的新兴市场，外国VC尤为重要，构成了我国VC市场区别于其他国家的重要特征。基于文化差异，本项目拟深入研究以下问题：（1）影响跨国VC投资行为和投资绩效的文化差异因素有哪些？（2）各种文化差异因素如何影响跨国VC投资行为和投资绩效？（3）社会关系和文化差异的交互作用如何？（4）市场化环境有何调节效应？本项目通过对上述问题的深入系统考察，以期厘清文化差异、社会关系对跨国VC投资的影响机理，以及市场化环境对此的调节效应，填补学术研究空白，并为我国政府不断完善外国VC投资机制提供理论参考、实证依据和政策建议。

Innovation is an essentail driver of economic growth. Innovation has become an important strategy of our country's economic and social development. Lots of evidence suggests that venture capital (VC) is helpful to improvement of corporate innovation, adjustment of industrial structure and the change of economic growth mode. As global economic integration, cross-border VC investments make a considerable contribution to the world maket especially to the emerging markets. As the largest VC importer and the largest emerging market of the world, foreign VC is particularly important in China. The large contribution and important role of foreign VC are key characteristics of VC in China, which is much different from the case of other countries. Starting from the culture difference, the project will investigate the following questions related to cross-border VC investments: (1) What are the key culture difference factores influencing cross-border VC investment behavior and investment performance? (2) How do these culture difference factors affect cross-border VC investment behavior and investment performance? (3) What the interaction impact of social networks and culture difference on cross-border VC investment behavior and investment performance? (4) What are the adjustment effects of marketization enviornment? By exploring the above questions using kind of research methods, the project will clarify the machanism through which the culture difference and social networks affect cross-border VC investment behavor and investment performance, as well as the adjustment effects of martization. The project will contribution to academic literature on cross-border VC, culture and social networks, and provide theorectial references, empirical evidence and policy suggests to the government to further impove foreign VC investment efficiency.