不确定承受、创业家人力资本与企业成长期望——基于美国PSED Ⅱ的实证研究

Uncertainty Bearing,Entrepreneurial Human Capital and Venture Growth Intention:An Empirical Approach on PSED Ⅱ

创业家人力资本影响其对创业企业的成长期望,进而作用于企业实际成长。本文引入不确定与创业家行动研究,对这个过程提出了一个创新解释——人力资本影响着创业家对行动内生不确定的承受意愿,进而作用于企业成长期望。利用美国PSEDⅡ的数据,本文检验了源自创业家自身的不确定偏好和源自外部资源网络的资源不确定感知如何调节人力资本的两个维度——人力资本价值与创业经验——对创业企业成长期望的正向作用。结果表明,创业家的不确定偏好及资源不确定感知越强时,人力资本价值与创业经验对成长期望的正向作用越显著;当创业经验存在差异时,资源不确定感知对人力资本价值与企业成长期望之间关系的调节作用发生改变。

Entrepreneurial human capital directly impacts venture growth intention, which then results real growth. The literature has broadly studied the positive relationship between human capital and entrepreneurial success. Two effects of entrepreneurial human capital are summarized： wealth effect and competence effect. It＇ s not enough to explore the mechanism between human capital and entrepreneurial growth. By introducing uncertainty and entrepreneurial action approach, this paper provides a creative explanation, which suggests that human capital positively influence entrepreneur＇ s willingness to bear perceived uncertainty inherently in actions, and then motives entrepreneur＇ s intention to growth. This paper hypothesizes and tests how entrepreneur＇ s intrinsic uncertainty prefer ence and extrinsic resource uncertainty perception from resource network moderate the positive relationship between the two dimensions of human capitalhuman capital value and entrepreneurial experienceand venture growth inten tion. The paper uses the data（N =434） from PSED Ⅱ to test those hypotheses. The empirical research shows that： firstly ,the positive effect of human capital value and entrepreneurial experience on growth intention becomes more significant while the uncertainty preference and resource uncertainty perception are stronger. Secondly, entrepre neurial experience reduces the moderating effect of resource uncertainty perception on the relationship between hu man capital value and growth intention. This paper provides potential theoretical contribution on entrepreneurial hu man capital and venture growth intention studies. There are two theoretical contributions in this paper. First, it tests the moderating effects on the influence of hu man capital on the growth intention by two factors related to entrepreneurial uncertainty perception, which advances the approach on the mechanism of entrepreneurial human capital and then helps to explore the relationship between human capital and entrepreneurial success. Second, it advances the study on how entrepreneur formats the new ven ture growth intention which definitely contributes to the understanding of new venture growth process. This paper al so contributes to the practice on two ways. First, entrepreneur shall evaluate his human capital prudently and com pletely before the formation of optimism new venture growth intention because that overconfidence on human capital perhaps will shadow the entrepreneurial success. Second, policymaker shall do more on promote the resource sup ports for entrepreneur which then reduces entrepreneur＇ s resourceuncertainty perception on external environ ment. It really matters to the growth intention and then real growth. The first limitation is that the paper doesn＇t test moderating effect by uncertainty preference and resource un certainty perception on the relationship between human capital and real firm growth because of there is no enough data on growth. The researchers have confirmed the positive relationship between firm growth intention and real growth. By exploring the mechanism how human capital works on growth edge to us. Another limitation is that the results of the empirical research straint of data. However, the hypotheses are general that more empirical helps to confirm the reliability of this paper. intention, this paper provides new knowl are maybe not general because of the con approach by the researchers outside USA.