以往的研究发现，企业内部高管的营销背景对企业绩效有着显著的影响，同时，企业的绩效还会受股权投资者等企业外部的治理机构的影响。 那么，这些投资机构高管团队的营销背景是否也影响着所投企业的绩效？ 本文基于中国风险投资机构及其所投企业的相关数据，探索了投资机构高管团队的营销背景对所投企业绩效的影响。 我们发现，投资机构高管团队中有营销背景的高管占比正向影响所投企业的投资回报率，并且，该影响受被投企业所处的行业和发展阶段特征调节。 具体来说，相比处于传统行业的企业，投资机构高管团队的营销背景对处于新兴行业的企业绩效的积极影响更为突出；相比处于B轮后的企业，投资机构高管团队的营销背景对处于A轮的企业的绩效具有更为显著的积极影响。 本文不仅扩展了营销高管与创业管理等方面的相关文献，也为投资机构、初创企业、政策制定者等利益相关方提供了启示。

Prior research has shown that top managers' marketing background significantly affects firm performance.  Meanwhile ,firm performance is also impacted by external stakeholders such as equity investors.  In this way, will the marketing background of investment firm's top management teams ( TMTs) influence the performance of the start-ups being invested?  Based on a data set covering the information of investment firms and the start-ups being invested in China, this research explores the effect of investment firm’s TMTs’ marketing background on start-ups performance.  We find that the percentage of top managers with marketing background in investment firm's TMTs has a positive effect on the investment returns of the start-ups.  Furthermore, this effect is moderated by the industry and development stage of the start-ups.  Specifically, investment firm's TMTs' marketing background has a more pronounced positive effect on the start-ups in emerging industries than those in established industries.  The positive influence of investment firm's TMTs' marketing background is more prominent on start-ups in the A round, compared with start-ups after the B round.  Overall, this research not only broadens the relevant literature on marketing executives and entrepreneural management, but also provides instructions for investment firms, start-ups, and policymakers.