Abstract: An increasing inflow of overseas students choose to return to China for career development. The number of returnees in the recent six years has reached over 1.1 million, three folds of that of prior 30 years combine. Returnees business startups help promote China's economic development. To encourage returnees’ business venture, Chinese government has introduced a number of policies. It is important to investigate factors that can affect the returnees’ entrepreneurial intention. This paper is based on the data jointly surveyed on returnees by Peking University’s Guanghua School of Management and the Center for China and Globalization. There were 288 samples selected from this survey conducted from late 2011 to early 2012. In this paper, we focus on returnees’ human capital and technological capital of returnees, and examine the impact of these capitals on returnees’ intention to do business. The paper shows that the probability of returnees’ intention to do business is significantly and positively correlated to three factors: (1) returnees’ education degree that earned overseas, (2) business model brought from overseas, and (3) whether the business to be in the secondary industry; their marginal effects respectively were 52.26%, 30.93%, and 44.23%. The study can be improved if variables, such as returnees psychological characteristics and natures of domestic business environment, available.

摘要： 越来越多的海外留学人员选择回国发展。近6年回国发展的人数超过110万，是前30年回国人数的约3倍。海归创业将有利于推动我国经济发展。中国政府为鼓励海归回国创业，已经出台一些政策。哪些因素能够影响我国海归归国后的创业意向值得探讨。本文利用来自2011年底至2012年初由北京大学光华管理学院和中国与全球化中心联合进行的对海归人才的288份问卷调查，将海归回国后是否创业作为被解释变量，并从人力资本、技术资本和其他综合因素3个方面选取了10个解释变量对影响我国海归创业意向的因素进行了分析。分析表明，这3个方面均对海归归国后创业的概率均存在影响。在这3个方面中，影响最大的分别为学历、商业模式、第二产业，它们的边际作用分别为52.26%、30.93%、44.23%。本研究还存在一些不足，例如对描述海归心理特点和国内经营环境的变量尚未进行分析，有待进一步研究。

关键词: 海归, 创业, 人力资本, 技术资本