本文立足资源基础理论与交易成本理论，从“关系型融资”价值创造视角构建关系专用性投资、VC治理行为与技术创新绩效关系整合模型，研究不同关系专用性投资属性对技术创新绩效的影响以及VC治理行为的中介作用。通过264家科技型创业企业调研所得的数据进行实证分析，研究结果显示：实物型关系专用性投资与VC监控行为正相关，与VC增值服务呈负相关，VC监控行为与技术创新绩效负相关；知识型关系专用性投资与VC监控行为呈负相关，与VC增值服务呈正相关，VC增值服务与技术创新绩效呈正相关。

Focused on the describing resources of the value-creating routine of “relationship finance”, this paper sets up a theoretical model about the relationship among relation-specific investments, VC governance activities and technological innovation on the basis of Resource-based theory and Transaction Cost theory. This paper also discusses the effect of different types of RSI on the technological innovation performance and the mediating role of VC governance activities. The study, which based on the data of the 264 High-tech start-ups, shows that Property-based RSI has positive effect on VC supervision & control and negative influence on VC value-added service while VC supervision & control has negative impact on technological innovation performance. Meanwhile, Knowledge-based RSI is positively related to VC value-added service and negatively related to VC supervision & control while VC value-added service has positive impact on technological innovation performance.