跨境創投受限於地理距離所帶來的資訊不對稱，長期以來需倚賴實體監督機制以維繫投資關係。本研究以新冠肺炎疫情對實體監督機制造成的外生衝擊作為識別策略，探討疫情衝擊是否使得跨境創投與國內創投在續投行為上出現差異，並進一步檢驗投資方與新創公司雙方之人力資本特質是否對此效果具有調節作用。研究資料取自 PitchBook 資料庫，樣本涵蓋 2018 年至 2022 年間共 53,285筆投資人與交易配對觀測值，並採用納入固定效應之線性機率模型與 Logit 模型進行實證分析。
實證結果顯示，疫情爆發後，跨境投資的續投傾向明顯高於國內投資，且當創投主要聯絡人具備較豐富的工作經驗時，此效果顯著減弱。此現象可能反映經驗豐富的聯絡人透過長期累積的跨國人脈、產業聲譽及過往合作經驗，建立足以替代實體監督之資訊管道與信任基礎，故較不需仰賴延續既有投資關係以因應跨境資訊不對稱上升。反觀新創公司 CEO 的創業經驗則未展現顯著調節效果，顯示於高度不確定之環境下，主導續投行為之關鍵在於投資人自身之經驗積累，而非創業者一方所釋出之品質訊號。本研究結果凸顯人力資本於危機情境中對跨境創投行為之關鍵作用，並為疫情等重大外生衝擊下之創投決策提供實證依據。

Cross-border venture capital investments face heightened information asymmetry due to geographic distance, and investors have long relied on physical monitoring to sustain these relationships. This study exploits COVID-19 as an exogenous shock to physical monitoring mechanisms to examine whether the pandemic altered follow-on investment behavior differently for cross-border versus domestic VCs, and whether human capital characteristics of investors and startup founders moderate this effect. Using PitchBook data on 53,285 investor-deal pairs from 2018–2022, the analysis employs both a linear probability model with fixed effects and a logit model.
Results show that cross-border investments exhibited significantly higher follow-on propensity than domestic investments after the pandemic onset, and this effect was significantly weaker when the VC's primary contact had extensive work experience. This likely reflects experienced contacts' pre-existing networks, reputation, and prior relationships, which substitute for physical monitoring and reduce reliance on existing ties during heightened information asymmetry. In contrast, startup CEOs' entrepreneurial experience showed no significant moderating effect, suggesting that under high uncertainty, follow-on decisions hinge on investors' own experience rather than founder-side quality signals. These findings highlight human capital's critical role in cross-border VC behavior during crises and offer empirical evidence on VC decision-making under major exogenous shocks.

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