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

Abstract

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

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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