Abstract: Entrepreneurial competence and financing source is critically important to innovation which can help firms gain sustaining competitive advantages. In this study we analyze the relationship among entrepreneurial competence, innovation types and financing choices. An empirical research is conducted with a sample of 164 high-tech companies. The results indicate that opportunity capability is associated with radical innovative and venture capital, whereas the operational capability isconducive to incremental innovation and debt. Furthermore, radical innovation leads to venture capital but has negative impact on debt; incremental innovation leads to debt but has negative impact on venture capital.

Key words: font-size: 9pt, mso-fareast-font-family: 宋体, mso-ansi-language: EN-US, mso-fareast-language: ZH-CN, mso-bidi-language: AR-SA, mso-bidi-font-weight: bold" lang="EN-US">entrepreneurial competence, innovation types, venture capital, font-size: 9pt, mso-fareast-font-family: 宋体, mso-ansi-language: EN-US, mso-fareast-language: ZH-CN, mso-bidi-language: AR-SA" lang="EN-US">resource-based view