摘要
创业融资对于创业企业生存与发展具有重要影响,社会网络在其中扮演重要角色。基于融资啄序理论与社会网络理论,选取2013—2020年创业板上市公司财务数据与高管简历信息,以内源融资率和外源融资率为自变量,以资产回报率为因变量,以社会网络为调节变量,探究不同融资方式对创业绩效的影响以及社会网络的调节效应。结果发现:相较于外源融资,内源融资更能促进创业绩效提升;社会网络能够调节内源融资、外源融资与创业绩效间的关系。其中,市场网络强化内源融资对创业绩效的正向影响,弱化外源融资对创业绩效的负向影响;知识网络、资本网络弱化内源融资对创业绩效的正向影响,强化外源融资对创业绩效的负向影响;政府网络弱化内源融资对创业绩效的负向影响。结论对企业依托社会网络开展内源与外源融资,进而提升创业绩效具有一定的参考价值。
Due to the high growth and risk associated with entrepreneurial activity,the need for capital is urgent,and financing becomes a major challenge for entrepreneurial firms.According to the pecking order theory of financing,there are two types of financing:endogenous financing and exogenous financing.A large number of studies have focused on the importance of these two types of financing for entrepreneurial performance,but there is no consensus on whether they are better or worse.The reason for this is that existing research has not yet clarified the mechanisms underlying the effect of financing methods on entrepreneurial performance,and social network theory offers a new theoretical perspective to address this issue.However,these studies are limited to measuring the depth and breadth of social networks from a structural perspective by calculating indicators such as structural holes and centrality,but they fail to distinguish between the nature of social networks and the different dimensions of network relationships,such as market and government,which bring different resources to firms,and their differential impact on entrepreneurial activity needs to be further investigated.In addition,the role of social networks in the impact of endogenous and exogenous financing methods on entrepreneurial performance also needs to be examined.On the basis of the above analysis,this article uses the relevant data of China's GEM listed companies from 2013—2020 as the sample for empirical research.It adopts the relationship network of the executive team to measure the social network of entrepreneurial enterprises,divides the social network into four different dimensions of knowledge,market,capital and government according to the nature of their part-time unit.In order to set indicators to quantify the social network of each dimension,it introduces the social network as a moderating variable into the relationship models of endogenous financing and exogenous financing and entrepreneurial performance,respectively,and sorts out the in
作者
彭华涛
吴双
Peng Huatao;Wu Shuang(School of Management,Wuhan University of Technology;School of Entrepreneurship,Wuhan University of Technology,Wuhan 430070,China)
出处
《科技进步与对策》
CSSCI
北大核心
2023年第15期32-42,共11页
Science & Technology Progress and Policy
基金
国家社会科学基金后期资助项目(20FGLB007)。
关键词
社会网络
融资
创业绩效
Social Network
Financing
Entrepreneurial Performance
