创业网络对新创企业融资方式的影响研究
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摘要
资金不足是新创企业生存和发展的主要障碍,由于缺乏信用历史等自身特点造成新创企业融资相对困难,创业网络的固有属性使其成为创业者解决融资困境的有效途径。本文依据权衡理论、代理理论、融资优序理论、融资缺口理论和社会网络理论,从网络视角,将创业网络、新创企业融资和新创企业绩效有机的纳入到一个框架体系内,构建创业网络对新创企业融资方式的影响模型并以新创企业绩效作为此种影响的最终表现。
首先,基于对相关基础理论及创业网络、新创企业融资和新创企业绩效相关文献的分析综述,归纳本文的基本研究要素并明确要素间的影响作用;其次,界定各研究要素的内涵及维度,提出创业网络对新创企业融资方式影响的概念模型,在理论推导的基础上,深入剖析研究要素间的影响机理,提出14条理论假设;然后,运用结构方程模型和相关统计软件对长春、吉林两市276家新创企业的问卷调研结果进行实证分析,其中12条假设通过验证;最后,对假设检验结果进行讨论,阐述本研究对创业网络和新创企业融资研究领域的理论意义,以及对新创企业实践的指导意义。??
New venture Finance has been continuing a popular topic in academic research. Investment, maintaining and re-investment a certain amount of funds is the presupposition for the creation, survival and development of new ventures. The capital plays the pivotal role for the establishing and growth of new venture. Identification of the capital requirement becomes the primary consideration for entrepreneurs on each stage of new venture process.
The large demand of capital, especially in the setting up period, bring on the problem that the self-owning raising from the enterprises is unable to meet various business needs for new venture development, therefore, external financing appears to be very important. However, because of the constraints of new venture, such as small-scale assets, the majority of intangible assets, non-transparent financial information, management uncertainty, weakly to endure for the external economic shocking, coupled with lack of credit history, resulting weak credit guarantee, it is difficult to obtain the confidence of external investors. Seeking and acquisiton of external finance becomes arduous. Capital issue turns to be the biggest“bottleneck”problem during the creation and grow-up process of start-up.
Countering the characteristics and the difficulties faced by the new venture, entrepreneurial network acts a crucial role as the access to funding information and communication and proceed to be effective solution to external finance attainment. According to the inquisition, the range of entrepreneur social network has a direct influence on entrepreneurial financing activities. Meanwhile Social Network Theory becomes a powerful tool for the explanation on entrepreneurial financing phenomenon gradually. Despite the research on entrepreneurial network and entrepreneurial finance is still in the initial state in China, the essential function of entrepreneurial network on acquirement of entrepreneurial finance and further enhancing of new venture performance has been recognized. More and more concerning on the research of impact of the network on entrepreneurial finance is being paid attention to.
Although some results has been showed in the research field of entrepreneurial finance and entrepreneurial network, thepresent research still needs to be improved in systematization and depth. The general study is mainly concerned on the function of entrepreneurial network on entrepreneurial finance summarily. Most of the research is qualitative analysis. It is rather rare to emphasize on the inner attribute of entrepreneurial network on new venture finance with the quantitative analysis that doesn’t implement the study on the mechanism of the effect of entrepreneurial network on new venture finance substantially.
According to this research space, this article has a comprehensive analysis on the present theoretical and development practice literatures of entrepreneurial network, entrepreneurial finance and new venture performance. On the basis of Trade-off Theory, Agency Theory, Pecking Order Theory, Financing Gap Theory and Social Network Theory, this paper integrates the entrepreneurial network, entrepreneurial finance and new venture performance into one organic system framework, and constructs the theoretical concept model of the effect mechanism among the elements of entrepreneurial network, entrepreneurial finance and new venture performance, then puts forward the relevant theoretical hypotheses. With this model the systematical study on the effect of entrepreneurial network on new venture finance is carried out, furthermore the new venture performance is utilized as the ultimate results of entrepreneurial finance activities. This study employs network size and network intensity to describe the effect mechanism of the entrepreneurial network attribute on the four new venture finance type. Meanwhile it attempts to examine the preference of entrepreneurs to the selection of finance type and the impact of different finance type on new venture performance. The normative investigation and data analysis is carried out to verify the theoretical model and hypothesis. Through the discussions of the test result of hypotheses, the theoretical value and practical guiding suggestion from this research is revealed. The analysis goes along from the following aspects in principal.
First of all, this article analyzes the relevant theories intensively, among them Trade-off Theory discusses the relationship between market value and the financing structure of enterprise from the point of financial risk, bankruptcy costs and agent cost and emphasis the impact of enterprise finance structure on enterprise performance. Agency Theory stresses the agent relation and financing agent cost between entrepreneur and potential investor based on the principal-agent relation and information asymmetry, coordinating the agent relation by the proportion between debt and equity financing. Pecking Order Theory by the signal transferring principle underlines the selection preferences of the entrepreneurial financing channels by entrepreneur with the information asymmetry and identifies the enterprise financing structure through the point of payment for the financing acquisition. Financing Gap Theory reveals the status of deficient on new venture financing, and the financing channel for new venture is unitary and the access for financing acquisition faced plight. Standing on this kind of situation, the entrepreneurial network as the effective information transmission channels, presents a significant effect as a solution to financial decision-making discrepancy arising from information asymmetry and moral hazard during the financing process. The Social Network Theory accents the effect of the network connection on new venture financing based on the social individual contact, combining with the economic viewpoint to analyze the necessity and justification of the entrepreneurial network constitution.
On the basis of the relevant theory analysis, this article summarizes the present research status on the existing literature on entrepreneurial network, new venture finance and new venture performance. The summary analysis includes the research on the new venture finance types and the influential factors, the research on the connotation and the evaluation index on new venture performance, the study on the conception and the dimension of entrepreneurial network and the relationship between entrepreneurial finance and the new venture performance etc. The previous research has already some achievements. However, there is still large space left for further research. This article is just carried out based on these research gaps. In the view of the above analysis, the research elements are generalized as entrepreneurial network, new venture finance and new venture performance.
In the next place, this article constructs the theoretical model on effect of entrepreneurial network on new venture finance also brings new venture performance into this model. The profoundly discussion on effect mechanism of entrepreneurial network on new venture finance type is processed, the selection preference to finance type of entrepreneurs is probed into, the further effect of new venture finance type on the new venture performance is described. Reference from the existing research, this article discusses the entrepreneurial network in the light of the internal attribute from two dimensions as network size and network intensity, according to the conjoint of financing sources and property new venture finance is categorized into four types, namely internal equity finance, internal debt finance, external equity finance and external debt finance.
On the grounds of the theoretical derivation, the theoretical hypotheses on the effect mechanism between the elements are brought forward, including eight hypotheses regarding on the effect of entrepreneurial network (network size, network intensity) on new venture finance types (internal equity finance, internal debt finance, external equity finance and external debt finance) respectively, four hypotheses of the impact of new venture finance types on new venture performance separately, and two hypotheses on the selection preference to new venture finance type which are the hypothesis on the selection preference to internal equity finance is stronger than the preference to external equity finance and the selection preference to external debt finance is stronger than external equity finance for entrepreneurs.
As for verifying the theoretical model and the hypothesis, the investigation is spread out. In this research the questionnaire survey method is adopted to measure the variable in the model, the new ventures in Changchun city and Jilin city are chosen as investigation objects. Ultimately there are two hundreds and seventy six questionnaires are effective recalled. Structure Equation Model is applied, with SPSS14 and AMOS4.0 statistic software the data is disposed to check the designed theoretical model and hypothesis. The proof-test outcome indicates that among the fourteen hypotheses, twelve hypotheses validated and two fail.
Eventually, the discussion on the proof result of hypotheses is processed to definitude the theoretical and practical meaning of this research. The hypotheses which have passes the test can explain the operation mechanism between the variables, with the analysis on the result revealed by the sustainable hypotheses, the revelation for new venture practice is expatiated. As for the failed hypotheses, analysis on the unaccepted reason is promoted integrating with the special financing market situation for the survival and development practice of the new venture in China. The practical reference suggestions are advanced from the point view of new venture and financing organization, containing the entrepreneurs should take the initiative to strengthen external network, improving the financial market and expanding financing channels for entrepreneurs and enhancing the financial support from government to alleviate the plight of financing for start-ups.
Through systematic analysis, this article presents the following results. First is the effect mechanism of entrepreneurial network on new venture finance type, including network size has the positive effect on the access to the internal debt finance for new venture, the positive effect of the network size on the access to the external finance for new venture, the negative effect of network intensity on the internal equity finance for new venture, the positive effect of network intensity on the access to the internal debt finance for new venture, the positive effect of the network intensity on the access to the external finance for new venture. Second is the impact of new venture finance type on new venture performance, including the positive impact of internal equity finance on new venture performance, the positive impact of internal debt finance on new venture performance, the positive impact of external equity finance on new venture performance and the positive impact of external debt finance on new venture performance. Third is the selection preference of entrepreneurs to the different new venture finance type, including is the selection preference of internal equity finance is stronger than external equity finance.
Comparative to the former study, the innovations in this research are reflected in the following aspects.
First of all , in this article the microcosmic mechanism of the acquisition of new venture finance is processed based on the network research perspective and the entrepreneurial network, entrepreneurial finance and new venture performance is integrated into one organic system framework to study. The quantitative and qualitative analysis is implemented with investigation sample from China to analyze the theoretical model.
Secondly, the comprehensive research on the effect of entrepreneurial network attributes on new venture finance is launched in this study. This is the penetration to the shortage of systemic research in the entrepreneurial network and new venture finance field. Meanwhile it is the complementarities for the rare research on the effect of network on internal new venture finance type. It provides the guiding sense for the practice in network construction and new venture finance.
Besides, the discussion on the selection preference on finance types for new venture is managed in this article, applying the practical data of Chinese new venture to prove the Pecking Order Theory matured corporations in new venture is rather new in entrepreneurial finance research field. Testing corporate finance theory summed up from matured corporation in new venture is frontier direction in entrepreneurial finance area. It has the essential meaning not only to academic theory but also to practice.
首先,基于对相关基础理论及创业网络、新创企业融资和新创企业绩效相关文献的分析综述,归纳本文的基本研究要素并明确要素间的影响作用;其次,界定各研究要素的内涵及维度,提出创业网络对新创企业融资方式影响的概念模型,在理论推导的基础上,深入剖析研究要素间的影响机理,提出14条理论假设;然后,运用结构方程模型和相关统计软件对长春、吉林两市276家新创企业的问卷调研结果进行实证分析,其中12条假设通过验证;最后,对假设检验结果进行讨论,阐述本研究对创业网络和新创企业融资研究领域的理论意义,以及对新创企业实践的指导意义。??
New venture Finance has been continuing a popular topic in academic research. Investment, maintaining and re-investment a certain amount of funds is the presupposition for the creation, survival and development of new ventures. The capital plays the pivotal role for the establishing and growth of new venture. Identification of the capital requirement becomes the primary consideration for entrepreneurs on each stage of new venture process.
The large demand of capital, especially in the setting up period, bring on the problem that the self-owning raising from the enterprises is unable to meet various business needs for new venture development, therefore, external financing appears to be very important. However, because of the constraints of new venture, such as small-scale assets, the majority of intangible assets, non-transparent financial information, management uncertainty, weakly to endure for the external economic shocking, coupled with lack of credit history, resulting weak credit guarantee, it is difficult to obtain the confidence of external investors. Seeking and acquisiton of external finance becomes arduous. Capital issue turns to be the biggest“bottleneck”problem during the creation and grow-up process of start-up.
Countering the characteristics and the difficulties faced by the new venture, entrepreneurial network acts a crucial role as the access to funding information and communication and proceed to be effective solution to external finance attainment. According to the inquisition, the range of entrepreneur social network has a direct influence on entrepreneurial financing activities. Meanwhile Social Network Theory becomes a powerful tool for the explanation on entrepreneurial financing phenomenon gradually. Despite the research on entrepreneurial network and entrepreneurial finance is still in the initial state in China, the essential function of entrepreneurial network on acquirement of entrepreneurial finance and further enhancing of new venture performance has been recognized. More and more concerning on the research of impact of the network on entrepreneurial finance is being paid attention to.
Although some results has been showed in the research field of entrepreneurial finance and entrepreneurial network, thepresent research still needs to be improved in systematization and depth. The general study is mainly concerned on the function of entrepreneurial network on entrepreneurial finance summarily. Most of the research is qualitative analysis. It is rather rare to emphasize on the inner attribute of entrepreneurial network on new venture finance with the quantitative analysis that doesn’t implement the study on the mechanism of the effect of entrepreneurial network on new venture finance substantially.
According to this research space, this article has a comprehensive analysis on the present theoretical and development practice literatures of entrepreneurial network, entrepreneurial finance and new venture performance. On the basis of Trade-off Theory, Agency Theory, Pecking Order Theory, Financing Gap Theory and Social Network Theory, this paper integrates the entrepreneurial network, entrepreneurial finance and new venture performance into one organic system framework, and constructs the theoretical concept model of the effect mechanism among the elements of entrepreneurial network, entrepreneurial finance and new venture performance, then puts forward the relevant theoretical hypotheses. With this model the systematical study on the effect of entrepreneurial network on new venture finance is carried out, furthermore the new venture performance is utilized as the ultimate results of entrepreneurial finance activities. This study employs network size and network intensity to describe the effect mechanism of the entrepreneurial network attribute on the four new venture finance type. Meanwhile it attempts to examine the preference of entrepreneurs to the selection of finance type and the impact of different finance type on new venture performance. The normative investigation and data analysis is carried out to verify the theoretical model and hypothesis. Through the discussions of the test result of hypotheses, the theoretical value and practical guiding suggestion from this research is revealed. The analysis goes along from the following aspects in principal.
First of all, this article analyzes the relevant theories intensively, among them Trade-off Theory discusses the relationship between market value and the financing structure of enterprise from the point of financial risk, bankruptcy costs and agent cost and emphasis the impact of enterprise finance structure on enterprise performance. Agency Theory stresses the agent relation and financing agent cost between entrepreneur and potential investor based on the principal-agent relation and information asymmetry, coordinating the agent relation by the proportion between debt and equity financing. Pecking Order Theory by the signal transferring principle underlines the selection preferences of the entrepreneurial financing channels by entrepreneur with the information asymmetry and identifies the enterprise financing structure through the point of payment for the financing acquisition. Financing Gap Theory reveals the status of deficient on new venture financing, and the financing channel for new venture is unitary and the access for financing acquisition faced plight. Standing on this kind of situation, the entrepreneurial network as the effective information transmission channels, presents a significant effect as a solution to financial decision-making discrepancy arising from information asymmetry and moral hazard during the financing process. The Social Network Theory accents the effect of the network connection on new venture financing based on the social individual contact, combining with the economic viewpoint to analyze the necessity and justification of the entrepreneurial network constitution.
On the basis of the relevant theory analysis, this article summarizes the present research status on the existing literature on entrepreneurial network, new venture finance and new venture performance. The summary analysis includes the research on the new venture finance types and the influential factors, the research on the connotation and the evaluation index on new venture performance, the study on the conception and the dimension of entrepreneurial network and the relationship between entrepreneurial finance and the new venture performance etc. The previous research has already some achievements. However, there is still large space left for further research. This article is just carried out based on these research gaps. In the view of the above analysis, the research elements are generalized as entrepreneurial network, new venture finance and new venture performance.
In the next place, this article constructs the theoretical model on effect of entrepreneurial network on new venture finance also brings new venture performance into this model. The profoundly discussion on effect mechanism of entrepreneurial network on new venture finance type is processed, the selection preference to finance type of entrepreneurs is probed into, the further effect of new venture finance type on the new venture performance is described. Reference from the existing research, this article discusses the entrepreneurial network in the light of the internal attribute from two dimensions as network size and network intensity, according to the conjoint of financing sources and property new venture finance is categorized into four types, namely internal equity finance, internal debt finance, external equity finance and external debt finance.
On the grounds of the theoretical derivation, the theoretical hypotheses on the effect mechanism between the elements are brought forward, including eight hypotheses regarding on the effect of entrepreneurial network (network size, network intensity) on new venture finance types (internal equity finance, internal debt finance, external equity finance and external debt finance) respectively, four hypotheses of the impact of new venture finance types on new venture performance separately, and two hypotheses on the selection preference to new venture finance type which are the hypothesis on the selection preference to internal equity finance is stronger than the preference to external equity finance and the selection preference to external debt finance is stronger than external equity finance for entrepreneurs.
As for verifying the theoretical model and the hypothesis, the investigation is spread out. In this research the questionnaire survey method is adopted to measure the variable in the model, the new ventures in Changchun city and Jilin city are chosen as investigation objects. Ultimately there are two hundreds and seventy six questionnaires are effective recalled. Structure Equation Model is applied, with SPSS14 and AMOS4.0 statistic software the data is disposed to check the designed theoretical model and hypothesis. The proof-test outcome indicates that among the fourteen hypotheses, twelve hypotheses validated and two fail.
Eventually, the discussion on the proof result of hypotheses is processed to definitude the theoretical and practical meaning of this research. The hypotheses which have passes the test can explain the operation mechanism between the variables, with the analysis on the result revealed by the sustainable hypotheses, the revelation for new venture practice is expatiated. As for the failed hypotheses, analysis on the unaccepted reason is promoted integrating with the special financing market situation for the survival and development practice of the new venture in China. The practical reference suggestions are advanced from the point view of new venture and financing organization, containing the entrepreneurs should take the initiative to strengthen external network, improving the financial market and expanding financing channels for entrepreneurs and enhancing the financial support from government to alleviate the plight of financing for start-ups.
Through systematic analysis, this article presents the following results. First is the effect mechanism of entrepreneurial network on new venture finance type, including network size has the positive effect on the access to the internal debt finance for new venture, the positive effect of the network size on the access to the external finance for new venture, the negative effect of network intensity on the internal equity finance for new venture, the positive effect of network intensity on the access to the internal debt finance for new venture, the positive effect of the network intensity on the access to the external finance for new venture. Second is the impact of new venture finance type on new venture performance, including the positive impact of internal equity finance on new venture performance, the positive impact of internal debt finance on new venture performance, the positive impact of external equity finance on new venture performance and the positive impact of external debt finance on new venture performance. Third is the selection preference of entrepreneurs to the different new venture finance type, including is the selection preference of internal equity finance is stronger than external equity finance.
Comparative to the former study, the innovations in this research are reflected in the following aspects.
First of all , in this article the microcosmic mechanism of the acquisition of new venture finance is processed based on the network research perspective and the entrepreneurial network, entrepreneurial finance and new venture performance is integrated into one organic system framework to study. The quantitative and qualitative analysis is implemented with investigation sample from China to analyze the theoretical model.
Secondly, the comprehensive research on the effect of entrepreneurial network attributes on new venture finance is launched in this study. This is the penetration to the shortage of systemic research in the entrepreneurial network and new venture finance field. Meanwhile it is the complementarities for the rare research on the effect of network on internal new venture finance type. It provides the guiding sense for the practice in network construction and new venture finance.
Besides, the discussion on the selection preference on finance types for new venture is managed in this article, applying the practical data of Chinese new venture to prove the Pecking Order Theory matured corporations in new venture is rather new in entrepreneurial finance research field. Testing corporate finance theory summed up from matured corporation in new venture is frontier direction in entrepreneurial finance area. It has the essential meaning not only to academic theory but also to practice.
引文
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