Abstract: Uncertainty dredges the venture capitalists human capital and the path of the hightech industry investment selection. There is a high degree of uncertainty in the investment of hightech industrial projects. And the heterogeneity of human capital in venture capital can effectively help to identify and deal with uncertainty. The empirical research shows that: with the background of economic and management, overseas work experience, venture capital, venture capitalists are more inclined to choose the hightech industry projects, and overseas learning experience, the experience of the financial class makes venture capitalists choose to avoid hightech industrial projects.

Key words: human capital, venture capitalist, uncertainty, hightech industry project

摘要： 不确定性疏通了风险投资家人力资本与高新技术产业投资选择的路径：投资高新技术产业项目存在着高度的不确定性，风险投资家人力资本的异质性特征能够有效帮助其识别和应对这种不确定性。实证研究表明，具有经管类教育背景、海外工作经验、创业经验的风险投资家更倾向于选择高新技术产业项目，海外学习经验、金融类工作经验使得风险投资家选择回避高新技术产业项目。

关键词: 人力资本, 风险投资家, 不确定性, 高新技术产业项目