管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (1): 100-113.

• 创新与创业管理 • 上一篇    

创业者人力资本如何影响创业坚持？——创业焦虑的调节作用

张慧1, 宋迪2, 周小虎3, 张桂阳3   

  1. 1. 南京邮电大学管理学院, 南京 210003;
    2. 电子科技大学经济与管理学院, 成都 611731;
    3. 南京理工大学经济管理学院, 南京 210094
  • 收稿日期:2022-10-27 发布日期:2025-01-18
  • 作者简介:张慧，南京邮电大学管理学院讲师，博士；宋迪（通讯作者），电子科技大学经济与管理学院讲师，博士；周小虎，南京理工大学经济管理学院教授，博士生导师，博士；张桂阳，南京理工大学经济管理学院副教授，博士。
  • 基金资助:
    国家自然科学基金项目（72302120；72302032）；江苏省自然科学基金项目（BK20230365）；国家社会科学基金项目（21AZD012；21CGL004）；江苏省社会科学基金项目（20GLC012）。

How does Entrepreneurs’ Human Capital Affect Entrepreneurial Persistence？—The Moderating Role of Entrepreneurial Anxiety

Zhang Hui1, Song Di2, Zhou Xiaohu3, Zhang Guiyang3   

  1. 1. School of Management, Nanjing University of Posts and Telecommunications, Nanjing 210003;
    2. School of Economic and Management, University of Electronic Science and Technology of China, Chengdu 611731;
    3. School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094
  • Received:2022-10-27 Published:2025-01-18

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摘要： 近年来创业环境中不确定因素激增，坚持或放弃成为创业者面临的关键抉择。先前研究表明，创业者人力资本与创业坚持紧密相关，但对两者的关系性质尚未达成一致的观点。本研究将一般人力资本和特定人力资本区分开，基于高阶理论，探索两类人力资本对创业坚持的差异影响。同时，引入创业焦虑探索非理性情感因素在其中的调节作用。基于两项独立的问卷调查和一项半结构化访谈，结果表明，一般人力资本消极阻碍创业坚持，特定人力资本积极促进创业坚持。创业焦虑不仅消极阻碍创业坚持，而且强化了一般人力资本对创业坚持的阻碍作用，同时也放大了特定人力资本对创业坚持的促进作用。研究结论解答了人力资本与创业坚持间的矛盾关系的疑问，推动了创业领域人力资本理论的发展，加深了对不同类型创业者坚持策略的理解，填补了创业焦虑研究空白。

关键词: 一般人力资本, 特定人力资本, 创业坚持, 创业焦虑

Abstract: With the increasing uncertainty of the entrepreneurial environment, it is so critical for entrepreneurs to choose whether to persist in or give up their entrepreneurial projects. Previous studies have indicated that the entrepreneurs’ human capital is closely related to entrepreneurial persistence, but there are inconsistent conclusions about human capital and entrepreneurial persistence-ranging from positive relationships to negative ones. To solve this problem, drawing on upper echelons’ theory, our paper divides human capital into general human capital and specific human capital, and introduces entrepreneurial anxiety as the moderator to explore the different effects of different kind of human capital on entrepreneurial persistence. Based on two questionnaire surveys and one semi-structured interview, the empirical results show that there is a negative relationship between general human capital and entrepreneurial persistence, while there is a positive relationship between specific human capital and entrepreneurial persistence. And entrepreneurial anxiety intensifies the negative effect of general human capital on entrepreneurial persistence and magnifies the positive effect of specific human capital on entrepreneurial persistence. The conclusion reveals the complex relationship between human capital and entrepreneurial persistence, clarifies the key boundary conditions between them, promotes the development of human capital theory in entrepreneurial field, enriches the researches of the antecedents of entrepreneurial persistence, and deepens our understanding of entrepreneurial anxiety.

Key words: general human capital, specific human capital, entrepreneurial persistence, entrepreneurial anxiety