Abstract:To attract returnees to come back to China for venturing is a major strategic action. Take 226 returnees entrepreneurs of Chinese high-tech industry as the research object, and based on the born global theory, entrepreneurial opportunities theory and entrepreneurial environment theory, this paper explores the impact of human capital and social capital on entrepreneurial performance, and explores the intermediary role of entrepreneurial opportunities recognition and the regulatory role of entrepreneurial environment. The result shows that: (1) returnees entrepreneurs’ foreign human capital, domestic social capital and foreign social capital has a positive impact on entrepreneurial performance; (2) entrepreneurial opportunities recognition among the above relationships plays a fully intermediary role; (3) the more perfect entrepreneurial environment, the more significant relationship among human capital, social capital and entrepreneurial performance.