创业网络、效果推理与新创企业融资绩效关系的实证研究——基于环境动态性调节分析

›› 2017, Vol. 29 ›› Issue (6): 61-72.

创业网络、效果推理与新创企业融资绩效关系的实证研究——基于环境动态性调节分析

胡海青, 王兆群, 张颖颖, 张琅

西安理工大学经济与管理学院, 西安 710054

收稿日期:2015-11-20 出版日期:2017-06-28 发布日期:2017-06-23
通讯作者: 王兆群(通讯作者),西安理工大学经济与管理学院博士研究生
作者简介:胡海青,西安理工大学经济与管理学院教授,博士生导师,博士;张颖颖,西安理工大学经济与管理学院博士研究生;张琅,西安理工大学经济与管理学院讲师,博士
基金资助:
国家自然科学基金项目（71672144；71372173；70972053）；国家软科学研究计划项目（2014GXS4D153）；教育部博士点基金项目（20126118110017）；西安社会科学规划课题重点项目（17J85）；陕西省教育厅人文社科重点研究基地科研计划项目（16JZ043）

An Empirical Research on the Relationship among Entrepreneurial Network,Effectuation and Start-up Financing Performance——Based on the Analysis of Environment Dynamic Adjustment

Hu Haiqing, Wang Zhaoqun, Zhang Yingying, Zhang Lang

College of Economics and Management, Xian University of Technology, Xi'an 710054

Received:2015-11-20 Online:2017-06-28 Published:2017-06-23

摘要/Abstract

摘要：

创业网络对企业绩效起着至关重要的作用，对于新创企业而言，融资绩效更能反映企业发展与可投资性，然而，学界鲜有对创业网络与新创企业融资绩效的实证分析。本研究以陕西省新创企业为样本，研究创业网络与新创企业融资绩效的直接关系，以及效果推理的中介效应和环境动态性的调节效应。实证结果表明：创业网络的网络规模、网络强度对新创企业融资绩效具有显著的正向影响；效果推理的实验、可承担损失、柔性与先前承诺四个维度均在创业网络与新创企业融资绩效的关系中具有部分正向中介作用；环境动态性在实验、可承担损失、先前承诺与新创企业融资绩效的关系中具有调节作用。本研究弥补了先前研究中缺乏实证检验的不足，为新创企业融资决策和投资机构投资决策提供了一定的理论参考。

关键词: 创业网络, 效果推理, 新创企业融资绩效, 环境动态

Abstract:

Entrepreneurial network performance plays an important role for start-up financing.For new ventures,financing performance is more indicative of business development and investment.However,little literature empirically analyzes entrepreneurs network and new venture financing performance.This paper uses the samples of new ventures in Shaanxi province to research the direct relationship between entrepreneurial network and performance of corporate finance.And this paper also researches the mediating effect of effectuation and the adjustment effect of environmental dynamics.The empirical results show that while entrepreneurial network size and entrepreneurial network strength have a positive effect to the financing performance of the new enterprises;effectuation (besides its four dimensions,contain experiment,affordable loss,flexibility and pre-commitments) cohesion positively mediates the positive relationship between entrepreneurial network and the financing performance of the new enterprises;environmental dynamics negatively moderates the relationship between experiment,affordable loss,pre-commitments and new enterprises financing performance.This research makes up for the lack of empirical test in previous researches,and provides certain theory reference for start-up financing and investment institutions'investment decision.

Key words: entrepreneurial network, effectuation, new venture financing performance, environmental dynamics

胡海青, 王兆群, 张颖颖, 张琅. 创业网络、效果推理与新创企业融资绩效关系的实证研究——基于环境动态性调节分析[J]. , 2017, 29(6): 61-72.

Hu Haiqing, Wang Zhaoqun, Zhang Yingying, Zhang Lang. An Empirical Research on the Relationship among Entrepreneurial Network,Effectuation and Start-up Financing Performance——Based on the Analysis of Environment Dynamic Adjustment[J]. , 2017, 29(6): 61-72.

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