性别、融资战略与创业绩效关系研究综述
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- 英文论文题名：A Review of The Relationship Between Gender, Financing strategy and Entrepreneurial Performance
- 论文作者：姚晓芳 ; 吴佩琰 ; 龙丹
- 英文论文作者：YAO Xiaofang ; WU Peiyan ; LONG Dan ; School of Management ; Hefei University of Technology
- 年：2016
- 作者机构：合肥工业大学管理学院;
- 论文关键词：性别 ; 创业者 ; 融资战略 ; 创业绩效
- 英文论文关键词：gender ; entrepreneur ; financing strategy ; entrepreneurial performance
- 会议召开时间：2016-09-28
- 会议录名称：第十一届（2016）中国管理学年会论文集
- 语种：中文
- 分类号：F279.1;F275;C913.68
- 学会代码：ZGUH
- 会议名称：第十一届（2016）中国管理学年会
- 会议地点：中国黑龙江哈尔滨
- 主办单位：中国管理现代化研究会、复旦管理学奖励基金会
- 学会名称：中国管理现代化研究会
- 页数：11
- 文件大小：821k
- 原文格式：D
- 会议级别：全国
摘要
近几年,全球女性创业发展十分迅速,女性创业的研究也越来越受到各国学者的关注。女性创业研究中融资、绩效主题一直是学者探讨的焦点。通过对国外文献的梳理,对性别、融资战略与创业绩效关系三者之间关系的研究进行回顾,并归纳了融资战略性别差异下创业者个人特性的影响因素,提出相关研究框架,对未来研究进行简要展望。
In recent years, the number of women being self-employed has grown dramatically all over the world. As a result, the research of female entrepreneurs has attracted wide attention. The themes about finance and performance in the area of female entrepreneurs research have been the focus of scholars to explore. Through systematically sorting out the foreign literature, the paper reviews the impact of gender and financing strategies on firm performance. The paper also summarizes the factors affecting the differences of financing strategies by gender. Finally, the paper proposes the research framework about the performance differences by gender and makes a brief outlook for future research.
In recent years, the number of women being self-employed has grown dramatically all over the world. As a result, the research of female entrepreneurs has attracted wide attention. The themes about finance and performance in the area of female entrepreneurs research have been the focus of scholars to explore. Through systematically sorting out the foreign literature, the paper reviews the impact of gender and financing strategies on firm performance. The paper also summarizes the factors affecting the differences of financing strategies by gender. Finally, the paper proposes the research framework about the performance differences by gender and makes a brief outlook for future research.
引文
[1]Fairlie R W,Robb A M.Gender differences in business performance:Evidence from the Characteristics of Business Owners Survey[J].Small Business Economics,2009,33(4):375-395.
[2]Zwan P V D,Verheul I,Thurik A R.The entrepreneurial ladder,gender,and regional development[J].Small Business Economics,2012,39(3):627-643.
[3]Bardasi E,Sabarwal S,Terrell K.How do female entrepreneurs perform?Evidence from three developing regions[J].Small Business Economics,2011,37(4):417-441.
[4]Mel S D,Mc Kenzie D,Woodruff C.Are women more credit constrained?Experimental evidence on gender and microenterprise returns[J].American Economic Journal Applied Economics,2009,1(3):1-45(45).
[5]Hanson S,Blake M.Gender and entrepreneurial networks[J].Regional Studies,2009,43(1):135-149.
[6]Coleman S,Kariv D.‘Deconstructing’entrepreneurial self-efficacy:A gendered perspective on the impact of ESE and community entrepreneurial culture on the financial strategies and performance of new firms[J].Venture Capital,2014,16(2):157-181.
[7]Morris M H,Miyasaki N N,Watters C E,et al.The dilemma of growth:Understanding venture size choices of women entrepreneurs[J].Journal of Small Business Management,2006,44(2):221-244(24).
[8]姚晓芳,乔珊,龙丹.基于性别差异的女性创业绩效研究综述[J].华东经济管理,2014(7):157-161.
[9]葛宝山,陈沛光,罗伯特·西斯瑞克.基于文献分析法的女性创业研究[J].情报科学,2012(4):613-615.
[10]Verheul I,Thurik R.Start-up capital:"Does gender matter?"[J].Small Business Economics,2001,16(4):329-345.
[11]Alsos G A,Isaksen E J,Ljunggren E.New venture financing and subsequent business growth in men-and women-led businesses[J].Entrepreneurship Theory&Practice,2006,30(5):667–686.
[12]Coleman S,Robb A.A comparison of new firm financing by gender:Evidence from the Kauffman Firm Survey data[J].Small Business Economics,2009,33(4):397-411.
[13]Sena V,Scott J,Roper S.Gender,borrowing patterns and self-employment:some evidence for England[J].Small Business Economics,2012,38(4):467-480.
[14]Becker-Blease J R,Sohl J E.Do women-owned businesses have equal access to angel capital?[J].Journal of Business Venturing,2007,22(4):503–521.
[15]Robb A,Coleman S.Financing strategies of new technology-based firms:A comparison of women-and menowned firms[J].Journal of Technology Management&Innovation,2010,5(1):30-50.
[16]Cole R A,Mehran H.Gender and the availability of credit to privately held firms:Evidence from the surveys of small business finances[R].Staff Reports,2009.
[17]Arenius P,Autio E.Financing of small businesses:Are mars and venus more alike than different?[J].Venture Capital An International Journal of Entrepreneurial Finance,2006,8(2):93-107.
[18]Cliff J E.Does one size fit all?Exploring the relationship between attitudes towards growth,gender,and business size[J].Journal of Business Venturing,1998,13(97):523–542.
[19]Coleman S,Cotei C,Farhat J.The debt-equity financing decisions of U.S.startup firms[J].Journal of Economics&Finance,2014,Forthcoming:1-22.
[20]Carter N,Brush C,Greene P,et al.Women entrepreneurs who break through to equity financing:The influence of human,social and financial capital[J].Venture Capital An International Journal of Entrepreneurial Finance,2003,5(1):1-28.
[21]Fabowale L,Orser B,Riding A.Gender,structural factors,and credit terms between Canadian small businesses and financial institutions[J].Entrepreneurship Theory&Practice,1995,(4):41-65.
[22]Renzulli L A,Aldrich H,Moody J.Family Matters:Gender,Networks,and Entrepreneurial Outcomes[J].Social Forces,2000,79(2):523--546.
[23]Manolova T S,Manev I M,Carter N M,et al.Breaking the family and friends'circle:Predictors of external financing usage among men and women entrepreneurs in a transitional economy[J].Venture Capital,2006,8(2):109-132.
[24]Gatewood E J,Brush C G,Carter N M,et al.Diana:a symbol of women entrepreneurs’hunt for knowledge,money,and the rewards of entrepreneurship[J].Small Business Economics,2009,32(2):129-144.
[25]Harrison R T,Mason C M.Does gender matter?Women business angels and the supply of entrepreneurial finance[J].Entrepreneurship Theory&Practice,2007,31(3):445–472.
[26]John Kuada.Gender,social networks,and entrepreneurship in Ghana[J].Journal of African Business,2009,10(1):85-103.
[27]Hmieleski K M,Corbett A C.The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction[J].Journal of Business Venturing,2008,23(4):482–496.
[28]Wilson F,Kickul J,Marlino D,et al.An analysis of the role of gender and self-efficacy in developing female entrepreneurial interest and behavior[J].Journal of Developmental Entrepreneurship,2009,14(2):105-119.
[29]Koellinger P,Minniti M,Schade C.Seeing the world with different eyes:Gender differences in perceptions and the propensity to start a business[M].Social Science Electronic Publishing,2008.
[30]Cassar G,Henry Friedman.Does Self-Efficacy Affect Entrepreneurial Investment?[J].Strategic Entrepreneurship Journal,2009,3(3):241-260.
[31]Slavec A,Prodan I.The influence of entrepreneur’s characteristics on small manufacturing firm debt financing[J].Journal for East European Management Studies,2012,17(1):104-130.
[32]Kirkwood J.Is a lack of self-confidence hindering women entrepreneurs?.International Journal of Gender and Entrepreneurship[J].2009,1(2):118–133.
[33]Manolova T S,Brush C G,Edelman L F,et al.One size does not fit all:Entrepreneurial expectancies and growth intentions of US women and men nascent entrepreneurs[J].Entrepreneurship&Regional Development An International Journal,2012,24(1):7-27.
[34]Ang J,Cole R,Lawson D.The role of owner in capital structure decisions:An analysis of single-owner corporations[J].Journal of Entrepreneurial Finance,2010,14(3):1-36.
[35]Schmid T.Control considerations,creditor monitoring,and the capital structure of family firms[J].Journal of Banking and Finance,2013,37(2):257–272.
[36]Brush C G,Carter N M,Gatewood E J,et al.Growth-oriented women entrepreneurs and their businesses.A Global Perspective,Edward Elgar,Cheltenham,2006.
[37]Orser B J,Riding A L,Manley K.Women entrepreneurs and financial capital[J].Entrepreneurship Theory&Practice,2006,30(5):643-665.
[38]Rosa P,Carter S,Hamilton D.Gender as a determinant of small business performance:Insights from a British study[J].Small Business Economics,1996,8(6):463-78.
[39]Fasci M A,Valdez J.A performance contrast of male-and female-owned small accounting practices[J].Journal of Small Business Management,1998,36(3):1-7.
[40]Robb A M,Watson J.Gender differences in firm performance:Evidence from new ventures in the United States[J].Journal of Business Venturing,2012,27(5):544-558.
[41]Cooper A C,Gimeno-Gascon F J,Woo C Y.Initial human and financial capital as predictors of new venture performance[J].Journal of Business Venturing,1994,9(5):371-395
[42]Chaganti R,Parasuraman S.A study of impacts of gender on business performance and management patterns in small business[J].Entrepreneurship:Theory&Practice,1996,21(2):73–75.
[43]Carter Sara,Rosa Peter.The financing of male and female owned-business[J].Entrepreneurship and Regional Development,1998,10(3):225-242.
[44]Rietz A D,Henrekson M.Testing the female underperformance hypothesis[J].Small Business Economics,2000,14(1):1-10.
[45]Boden R J,Nucci A R.On the survival prospects of men's and women's new business ventures[J].Journal of Business Venturing,2000,15(4):347–362.
[46]Robb A M.Entrepreneurial performance by women and minorities:The case of new firms[J].Journal of Developmental Entrepreneurship,2002,7(4):383-397.
[47]Watson J.Failure rates for female-controlled businesses:Are they any different?[J].Journal of Small Business Management,2003,41(3):262–277.
[48]Bosma N,Praag M V,Thurik R,et al.The value of human and social capital investments for the business performance of startups[J].Small Business Economics,2004,23(3):227-236(10).
[49]Coleman S,Kariv D.Gender,performance and financial strategy:A dynamic capabilities perspective[J].Journal of Developmental Entrepreneurship,2013,18(03):1-24.
[50]Watson J.External funding and firm growth:Comparing female-and male-controlled SMEs[J].Venture Capital An International Journal of Entrepreneurial Finance,2006,8(1):33-49.
[51]Coleman S.The role of human and financial capital in the profitability and growth of women-owned small firms[J].Journal of Small Business Management,2007,45(3):303–319.
[2]Zwan P V D,Verheul I,Thurik A R.The entrepreneurial ladder,gender,and regional development[J].Small Business Economics,2012,39(3):627-643.
[3]Bardasi E,Sabarwal S,Terrell K.How do female entrepreneurs perform?Evidence from three developing regions[J].Small Business Economics,2011,37(4):417-441.
[4]Mel S D,Mc Kenzie D,Woodruff C.Are women more credit constrained?Experimental evidence on gender and microenterprise returns[J].American Economic Journal Applied Economics,2009,1(3):1-45(45).
[5]Hanson S,Blake M.Gender and entrepreneurial networks[J].Regional Studies,2009,43(1):135-149.
[6]Coleman S,Kariv D.‘Deconstructing’entrepreneurial self-efficacy:A gendered perspective on the impact of ESE and community entrepreneurial culture on the financial strategies and performance of new firms[J].Venture Capital,2014,16(2):157-181.
[7]Morris M H,Miyasaki N N,Watters C E,et al.The dilemma of growth:Understanding venture size choices of women entrepreneurs[J].Journal of Small Business Management,2006,44(2):221-244(24).
[8]姚晓芳,乔珊,龙丹.基于性别差异的女性创业绩效研究综述[J].华东经济管理,2014(7):157-161.
[9]葛宝山,陈沛光,罗伯特·西斯瑞克.基于文献分析法的女性创业研究[J].情报科学,2012(4):613-615.
[10]Verheul I,Thurik R.Start-up capital:"Does gender matter?"[J].Small Business Economics,2001,16(4):329-345.
[11]Alsos G A,Isaksen E J,Ljunggren E.New venture financing and subsequent business growth in men-and women-led businesses[J].Entrepreneurship Theory&Practice,2006,30(5):667–686.
[12]Coleman S,Robb A.A comparison of new firm financing by gender:Evidence from the Kauffman Firm Survey data[J].Small Business Economics,2009,33(4):397-411.
[13]Sena V,Scott J,Roper S.Gender,borrowing patterns and self-employment:some evidence for England[J].Small Business Economics,2012,38(4):467-480.
[14]Becker-Blease J R,Sohl J E.Do women-owned businesses have equal access to angel capital?[J].Journal of Business Venturing,2007,22(4):503–521.
[15]Robb A,Coleman S.Financing strategies of new technology-based firms:A comparison of women-and menowned firms[J].Journal of Technology Management&Innovation,2010,5(1):30-50.
[16]Cole R A,Mehran H.Gender and the availability of credit to privately held firms:Evidence from the surveys of small business finances[R].Staff Reports,2009.
[17]Arenius P,Autio E.Financing of small businesses:Are mars and venus more alike than different?[J].Venture Capital An International Journal of Entrepreneurial Finance,2006,8(2):93-107.
[18]Cliff J E.Does one size fit all?Exploring the relationship between attitudes towards growth,gender,and business size[J].Journal of Business Venturing,1998,13(97):523–542.
[19]Coleman S,Cotei C,Farhat J.The debt-equity financing decisions of U.S.startup firms[J].Journal of Economics&Finance,2014,Forthcoming:1-22.
[20]Carter N,Brush C,Greene P,et al.Women entrepreneurs who break through to equity financing:The influence of human,social and financial capital[J].Venture Capital An International Journal of Entrepreneurial Finance,2003,5(1):1-28.
[21]Fabowale L,Orser B,Riding A.Gender,structural factors,and credit terms between Canadian small businesses and financial institutions[J].Entrepreneurship Theory&Practice,1995,(4):41-65.
[22]Renzulli L A,Aldrich H,Moody J.Family Matters:Gender,Networks,and Entrepreneurial Outcomes[J].Social Forces,2000,79(2):523--546.
[23]Manolova T S,Manev I M,Carter N M,et al.Breaking the family and friends'circle:Predictors of external financing usage among men and women entrepreneurs in a transitional economy[J].Venture Capital,2006,8(2):109-132.
[24]Gatewood E J,Brush C G,Carter N M,et al.Diana:a symbol of women entrepreneurs’hunt for knowledge,money,and the rewards of entrepreneurship[J].Small Business Economics,2009,32(2):129-144.
[25]Harrison R T,Mason C M.Does gender matter?Women business angels and the supply of entrepreneurial finance[J].Entrepreneurship Theory&Practice,2007,31(3):445–472.
[26]John Kuada.Gender,social networks,and entrepreneurship in Ghana[J].Journal of African Business,2009,10(1):85-103.
[27]Hmieleski K M,Corbett A C.The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction[J].Journal of Business Venturing,2008,23(4):482–496.
[28]Wilson F,Kickul J,Marlino D,et al.An analysis of the role of gender and self-efficacy in developing female entrepreneurial interest and behavior[J].Journal of Developmental Entrepreneurship,2009,14(2):105-119.
[29]Koellinger P,Minniti M,Schade C.Seeing the world with different eyes:Gender differences in perceptions and the propensity to start a business[M].Social Science Electronic Publishing,2008.
[30]Cassar G,Henry Friedman.Does Self-Efficacy Affect Entrepreneurial Investment?[J].Strategic Entrepreneurship Journal,2009,3(3):241-260.
[31]Slavec A,Prodan I.The influence of entrepreneur’s characteristics on small manufacturing firm debt financing[J].Journal for East European Management Studies,2012,17(1):104-130.
[32]Kirkwood J.Is a lack of self-confidence hindering women entrepreneurs?.International Journal of Gender and Entrepreneurship[J].2009,1(2):118–133.
[33]Manolova T S,Brush C G,Edelman L F,et al.One size does not fit all:Entrepreneurial expectancies and growth intentions of US women and men nascent entrepreneurs[J].Entrepreneurship&Regional Development An International Journal,2012,24(1):7-27.
[34]Ang J,Cole R,Lawson D.The role of owner in capital structure decisions:An analysis of single-owner corporations[J].Journal of Entrepreneurial Finance,2010,14(3):1-36.
[35]Schmid T.Control considerations,creditor monitoring,and the capital structure of family firms[J].Journal of Banking and Finance,2013,37(2):257–272.
[36]Brush C G,Carter N M,Gatewood E J,et al.Growth-oriented women entrepreneurs and their businesses.A Global Perspective,Edward Elgar,Cheltenham,2006.
[37]Orser B J,Riding A L,Manley K.Women entrepreneurs and financial capital[J].Entrepreneurship Theory&Practice,2006,30(5):643-665.
[38]Rosa P,Carter S,Hamilton D.Gender as a determinant of small business performance:Insights from a British study[J].Small Business Economics,1996,8(6):463-78.
[39]Fasci M A,Valdez J.A performance contrast of male-and female-owned small accounting practices[J].Journal of Small Business Management,1998,36(3):1-7.
[40]Robb A M,Watson J.Gender differences in firm performance:Evidence from new ventures in the United States[J].Journal of Business Venturing,2012,27(5):544-558.
[41]Cooper A C,Gimeno-Gascon F J,Woo C Y.Initial human and financial capital as predictors of new venture performance[J].Journal of Business Venturing,1994,9(5):371-395
[42]Chaganti R,Parasuraman S.A study of impacts of gender on business performance and management patterns in small business[J].Entrepreneurship:Theory&Practice,1996,21(2):73–75.
[43]Carter Sara,Rosa Peter.The financing of male and female owned-business[J].Entrepreneurship and Regional Development,1998,10(3):225-242.
[44]Rietz A D,Henrekson M.Testing the female underperformance hypothesis[J].Small Business Economics,2000,14(1):1-10.
[45]Boden R J,Nucci A R.On the survival prospects of men's and women's new business ventures[J].Journal of Business Venturing,2000,15(4):347–362.
[46]Robb A M.Entrepreneurial performance by women and minorities:The case of new firms[J].Journal of Developmental Entrepreneurship,2002,7(4):383-397.
[47]Watson J.Failure rates for female-controlled businesses:Are they any different?[J].Journal of Small Business Management,2003,41(3):262–277.
[48]Bosma N,Praag M V,Thurik R,et al.The value of human and social capital investments for the business performance of startups[J].Small Business Economics,2004,23(3):227-236(10).
[49]Coleman S,Kariv D.Gender,performance and financial strategy:A dynamic capabilities perspective[J].Journal of Developmental Entrepreneurship,2013,18(03):1-24.
[50]Watson J.External funding and firm growth:Comparing female-and male-controlled SMEs[J].Venture Capital An International Journal of Entrepreneurial Finance,2006,8(1):33-49.
[51]Coleman S.The role of human and financial capital in the profitability and growth of women-owned small firms[J].Journal of Small Business Management,2007,45(3):303–319.