本文构建一个两阶段被调节的中介模型，以软件外包关系为研究情境，探讨领域知识专用性投资对投资方能力构建的作用机制、作用效应及其调节因素。运用广义路径分析框架法，基于194对软件外包关系进行实证研究，主要结论包括：软件外包企业的领域知识专用性投资以客户知识溢出为中介促进能力构建；外包承接能力和吸收能力分别在第一和第二阶段对间接效应发挥调节作用。本研究提供了领域知识专用性投资对投资方独特效应的新证据，进一步揭示了相关的作用机制及权变因素。并且，研究结论对软件外包企业的经营实践具有启示意义。

Within the context of software outsourcing, this paper constructs a two-stage moderated mediation model to investigate the mechanisms and effects of impact of domain knowledge-specific investments(DKSIs) on competence-building of the investing parties. Based on 194 pairs of software outsourcing relationsips, we adopt the general path analysis framework to conduct our empirical study. The main conclusions are as follows. Firstly, DKSIs promote competence-building via the mediation of clients’ knowledge spillover. Secondly, software vendors’ subcontracting capacities and absorptive capacities exert moderating impacts on the indirect effect at the first and second-stage, respectively. This research provides a new evidence regarding the heterogeneous effects of DKSIs on the investing parties, further reveals the impact mechanisms and cotingent factors. Furthermore, our findings have strong managerial implications for the software vendors.