根据人力资本理论，本文分析了海归创业者人力资本（企业管理技能与技术研发技能）与其创业企业绩效之间的关系，并以山东省205家海归创业企业为样本进行实证研究。研究结果显示，海归创业者的海外企业高层管理经历、海外企业中层管理经历与海外专利技术对创业企业绩效有显著的正向影响；海归创业者拥有的国内专利技术无法为海归创业企业带来显著的竞争优势与经营绩效。检验结果还显示，管理技能与技术研发技能双重具备的海归创业者，其创业企业绩效较高，证明管理技能与技术研发技能具有协同效应；管理技能和技术技能都难以单独为海归创业者带来显著的优势。

Based on human capital theory, this paper explores the relationship between returnee entrepreneur’s human capital (managerial skill and R&D skill) and entrepreneurial performance, and uses a data including 205 returnee entrepreneurs in Shandong province to empirically test our arguments. Results show that experience from middle or top management positions and oversea patents are positively related to entrepreneurial performance, while local patents could not significantly improve performance. It is also found returnee entrepreneurs who have both manager experience and patents would achieve higher performance. This implies that there exists synergistic effect between managerial skill and R&D skill, and both managerial skill and R&D skill are limited to provide advantage for returnee entrepreneurs alone.