模仿、资源异质性与新创企业投资决策

The Effects of Imitation and Resource Heterogeneity on Venture Decision

模仿效应和内部资源异质性对新创企业的发展具有重要的影响。基于153份有效问卷,探究了模仿、资源异质性和新创企业投资决策三者之间的关系。实证研究结果表明,模仿和资源异质性对新创企业的投资决策具有显著的影响,而且随着企业资源异质性的增加,模仿对投资决策的作用逐渐变小,即资源异质性抑制了模仿对新企业投资决策的效应。本文的贡献在于从内部资源特质角度探讨了新创企业的投资决策行为。

Imitation and internal resource heterogeneity make great impacts on new venture growth. Based on 153 valid surveys, we investigate the relationships among imitation, resource heterogeneity and venture decision. Empirical findings show that both imitation and resource heterogeneity make significant impacts on venture decision and the impact of imitation on venture decision gradually decreases along with the increase of firm resource heterogeneity. In other words, resource heterogeneity reversely moderates the relationship between imitation and venture decision. Our contribution lies in the exploration into venture decision behavior from the perspective of firm internal resource traits.