中小企业创新、文化环境、创业资本与价值创造关系研究

价值创造既是培育企业核心竞争力的必需手段，也是在激烈市场竞争中胜出的关键。然而，对于大多数企业来说，价值创造并不那么容易，尤其是对于具有新创弱性和小企业弱性的新创企业来说，基于大中型企业的传统营销理论可能并不适用。本文提出中小企业在创业阶段的价值创造来源于创新、创业资本以及文化环境，并采用全球创业观察（GEM）2009年数据展开实证研究，验证了在中小企业不同阶段，创新、创业资本以及文化环境均能不同程度地提高企业价值。研究结论丰富了中小企业成长理论，对中小企业价值管理亦具有较好的实践指导意义。

Value creation is the essential means to cuhivate the core competitiveness of enterprises. However, for most enterprises, value creation is not so easy, especially for new ventures with liability of newness and smallness, the traditional marketing theory based on large and mediumsized enterprises may not be applicable. The study proposed that value creation of small and mediumsized enterprises（SMEs） come from innovation, venture capital and social support. Using the Global Entrepreneurship Monitor （GEM） data for 2009 to conduct the empirical analysis, the results showed that for SMEs indifferent stages of innovations, venture capital and social support can significantly improve enterprise value. The conclusion of the study enriches the theory of the growth of SMEs, but also has good practical significance to the value management of small and medium enterprises.