创始爱心资金获取:情感信任还是能力信任

How to Obtain Love Money,Affect-based Trust or Competence Trust:Based on the CPSED Empirical Analysis

创始资金是新创企业开展创业活动的关键资源,但由于新创弱性和缺乏有效的市场记录,创业者不得不更多寻求非正式制度的社会网络支持,来自家人和朋友的爱心资金是对正式金融机构融资制度的重要补充和替代。已有研究大多将爱心资金与爱和情感联系起来,忽视理性因素的考虑。结合中国的制度文化情景,建立基于情感信任和理性信任的爱心资金获取整合模型,深化创业资金获取的社会网络和制度理论分析。基于2009年至2011年中国新生创业活动动态跟踪调研数据进行实证分析,采用Probit回归方法对社会网络、制度环境、创业活跃度和爱心资金之间关系进行理论分析和实证检验,进一步考察爱心资金结构差异对创业绩效的影响。研究结果表明,情感信任与能力信任的交互作用与爱心资金存在正相关关系,制度环境对情感信任与能力信任的交互作用与爱心资金的关系存在负向调节,创业活跃度则呈现正向调节。研究结论拓展和深化了创业社会网络的分析框架,将情感和理性因素结合起来,突破了已有研究对于血缘的利他主义和朋友的道义责任的情感性单一解释。

Start-up capital is the most significant resource in entrepreneurs′starts.However, financing from the formal capital market is very difficult for entrepreneurs to gain the start-up capital owing to the liability of newness and lack of a good reputation record in the market .In this typical entrepreneurial scenario , looking for the support in non-traditional financial institutions , so-cial network is a good solution to acquiring the start-up capital .Acquiring support from family members is crucial for entrepre-neurs, yet it hasn′t been much attended by entrepreneurship scholars .Due to the kinship between the lender and borrower , we usually name it “love money”.However, is this funding purely based on family or emotional closeness？We propose that except for the emotional trust , affect-based trust also plays an important role in this funding .Entrepreneurs′experiences and capacities can influence how much family members would support .Love money is definitely not irrational;it binds both rational calculation and emotional trust under the social rule of reciprocity .The previous research mainly focuses on the emotional factors and altru-ism while ignoring the rational value of the support by “love money”.Given the context in China , this paper aims to structure a model combining the emotional factor and the rational factor so as to enrich theory on startup capital with social network and insti -tutionalism . Based on the data from Report on Chinese Entrepreneurship between 2009 and 2011, this study uses the Probit method to analyze and test the relationship between social network , the degree of marketization , the venture capital activity and start-up capital. The results of our study indicate that：①there is a positive relationship between the interaction by affect-based and competence trust and start-up capital .②The degree of marketization will negatively affect the relationship between the interaction by affect -based and competence trust and start-up capital, while the CPEA will positively affect this relationship .This paper contributes to the current literature in following aspects：①Expanding and deepening the analysis framework of entrepreneurial social network and its relationship with startup capital .②Combining the emotional factor and the rational factor with a breakthrough of the sin-gle interpretation of love money with friends′moral responsibility or altruism .